South Korea (KOR) and Germany (DEU) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and Germany (DEU) Trade

2022

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Exports $11.2BRnk 13 / 220

2022

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About

South Korea-Germany Trade: In 2022, South Korea exported $11.2B to Germany. The main products that South Korea exported to Germany were Cars ($1.7B), Electric Batteries ($1B), and Office Machine Parts ($745M). Over the past 5 years the exports of South Korea to Germany have increased at an annualized rate of 2.86%, from $9.73B in 2017 to $11.2B in 2022.

In 2005, South Korea exported services to Germany worth $1.78B, with Other business services ($826M), Transportation ($704M), and Travel ($121M) being the largest in terms of value.

Germany-South Korea Trade: In 2022, Germany exported $22.7B to South Korea. The main products that Germany exported to South Korea were Cars ($7.24B), Packaged Medicaments ($790M), and Integrated Circuits ($662M). Over the past 5 years the exports of Germany to South Korea have increased at an annualized rate of 3.09%, from $19.5B in 2017 to $22.7B in 2022.

In 2020, Germany exported services to South Korea worth $2.27B, with Other business services ($958M), Transportation ($719M), and Royalties and license fees ($369M) being the largest in terms of value.

Comparison: In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Germany ranked 5 in the Economic Complexity Index (ECI 1.78), and 3 in total exports ($1.6T).

Latest Trends

September, 2024

About

Overview In September 2024, South Korea exported $696M and imported $1.89B from Germany, resulting in a negative trade balance of $1.19B. Between September 2023 and September 2024 the exports of South Korea have decreased by $-239M (-25.6%) from $936M to $696M, while imports increased by $184M (10.8%) from $1.71B to $1.89B.

Trade In September 2024, the top exports of South Korea to Germany were Cars, tractors, trucks & parts thereof. ($224M), Electrical machinery and electronics ($191M), Machinery, mechanical appliances, & parts ($91M), Plastics & articles thereof ($46.2M), and Optical, photo, & film equipment; medical... ($25.9M). In September 2024 the top imports of South Korea from Germany were Cars, tractors, trucks & parts thereof. ($656M), Machinery, mechanical appliances, & parts ($333M), Electrical machinery and electronics ($229M), Optical, photo, & film equipment; medical... ($153M), and Pharmaceutical products ($118M).

Growth In September 2024, the decrease in South Korea's year-by-year exports to Germany was explained primarily by an decrease in product exports in Machinery, mechanical appliances, & parts ($-47.3M or -34.2%), Pharmaceutical products ($-24.8M or -56%), and Chemical products n.e.s. ($-23.4M or -75.1%). In September 2024, the increase in South Korea's year-by-year imports from Germany was explained primarily by an increase in product imports in Cars, tractors, trucks & parts thereof. ($169M or 34.6%), Machinery, mechanical appliances, & parts ($71.2M or 27.2%), and Aircraft and spacecraft ($60.1M or 5.06k%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (September 2023 - September 2024)$-239M(-25.6%)

IMPORT GROWTH (September 2023 - September 2024)$184M(10.8%)

This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot or any product to explore the exports or imports behavior of South Korea over time.

To check Germany and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Germany and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $11.2B to Germany. The main products exported from South Korea to Germany were Cars ($1.7B), Electric Batteries ($1B), and Office Machine Parts ($745M). During the last 5 years the exports of South Korea to Germany have increased at an annualized rate of 2.86%, from $9.73B in 2017 to $11.2B in 2022.

In 2017, Germany exported $22.7B to South Korea. The main products exported from Germany to South Korea were Cars ($7.24B), Packaged Medicaments ($790M), and Integrated Circuits ($662M). During the last 5 years the exports of Germany to South Korea have increased at an annualized rate of 3.09%, from $19.5B in 2022 to $22.7B in 2017.

Exports from South Korea () to Germany () (2022)

Exports from Germany () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Germany
Top DestinationUnited States$153B

This map shows whether countries import more from South Korea or Germany. Each country is colored based on the difference in imports they receive from South Korea and Germany or the difference in the growth in imports.

In 2022, countries that imported more from South Korea than Germany included Vietnam ($60.7B), China ($150B), and Hong Kong ($28.9B).

In 2022, countries that imported more from Germany than South Korea included France ($120B), Netherlands ($109B), and Austria ($86.5B).

Difference in imports from Germany () and South Korea () (2022)

Comparative Advantage South Korea - Germany

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between South Korea and Germany by product, considering products traded by both, South Korea and Germany.

During 2022, South Korea had a large net trade with Germany in the exports of Machines ($4.84B), Transportation ($2.5B), and Plastics and Rubbers ($1.16B).

During 2017, Germany had a large net trade with South Korea in the exports of Transportation ($8.63B), Machines ($6.01B), and Chemical Products ($3.25B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential South Korea Germany+$808MCars

Top Product Potential Germany South Korea+$238MMotor vehicles; parts and accessories (8701 to 8705)

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Deu Year

In 2005, South Korea exported services to Germany worth $1.78B, with Other business services ($826M), Transportation ($704M), and Travel ($121M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to Germany () (2005)

Services Exports from Germany () to South Korea () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of South Korea and Germany. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Germany. Similarly, a dot/product with the flag of Germany indicates it has a comparative advantage over South Korea.

Product Space of South Korea () and Germany () (2022)

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