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Pricing

2022
Flag → Flag
Exports $13.8BRnk 10 / 220
2022
Flag → Flag
Top Product $1.42BMotor vehicles; parts and accessories (8701 to 8705)
2022
Flag → Flag
Exports $7.29BRnk 5 / 156
2022
Flag → Flag
Top Product $3.31BCrude Petroleum
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 1.08Rnk 25 / 133
2022
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GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$1.41TCURRENT US$
Rnk 14 / 186
2012-2022
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GDP GROWTH17.7%CURRENT US$
Rnk 127 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$11,091CURRENT US$
Rnk 74 / 186
2012-2022
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GDP PC GROWTH6.89%CURRENT US$
Rnk 126 / 186

About

South Korea-Mexico Trade: In 2022, South Korea exported $13.8B to Mexico. The main products that South Korea exported to Mexico were Motor vehicles; parts and accessories (8701 to 8705) ($1.42B), Coated Flat-Rolled Iron ($868M), and Office Machine Parts ($790M). Over the past 5 years the exports of South Korea to Mexico have increased at an annualized rate of 0.82%, from $13.2B in 2017 to $13.8B in 2022.

In 2005, South Korea exported services to Mexico worth $311M, with Transportation ($220M), Services not allocated ($66.6M), and Other business services ($14.8M) being the largest in terms of value.

Mexico-South Korea Trade: In 2022, Mexico exported $7.29B to South Korea. The main products that Mexico exported to South Korea were Crude Petroleum ($3.31B), Lead Ore ($669M), and Motor vehicles; parts and accessories (8701 to 8705) ($420M). Over the past 5 years the exports of Mexico to South Korea have increased at an annualized rate of 12.7%,  from $4B in 2017 to $7.29B in 2022.

In 2022, Mexico did not export any services to South Korea.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Mexico ranked 25 in the Economic Complexity Index (ECI 1.08), and 10 in total exports ($549B).

Latest Trends

October, 2024

About

Overview In October 2024, South Korea exported $1.12B and imported $569M from Mexico, resulting in a positive trade balance of $554M. Between October 2023 and October 2024 the exports of South Korea have increased by $151M (15.5%) from $973M to $1.12B, while imports increased by $4.25M (0.75%) from $565M to $569M.

Trade In October 2024, the top exports of South Korea to Mexico were Iron & steel ($159M), Machinery, mechanical appliances, & parts ($156M), Electrical machinery and electronics ($153M), Cars, tractors, trucks & parts thereof. ($144M), and Plastics & articles thereof ($76M). In October 2024 the top imports of South Korea from Mexico were Ores, slag and ash ($245M), Mineral fuels, mineral oils and products... ($179M), Cars, tractors, trucks & parts thereof. ($65.4M), Machinery, mechanical appliances, & parts ($56.5M), and Electrical machinery and electronics ($50.5M).

Growth In October 2024, the increase in South Korea's year-by-year exports to Mexico was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($28.2M or 24.4%), Mineral fuels, mineral oils and products... ($10M or 36.8%), and Optical, photo, & film equipment; medical... ($3.05M or 9.63%). In October 2024, the increase in South Korea's year-by-year imports  from Mexico was explained primarily by an increase in product imports  in Ores, slag and ash ($90.1M or 58.2%), Cars, tractors, trucks & parts thereof. ($48.9M or 298%), and Machinery, mechanical appliances, & parts ($29.1M or 106%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)$151M(15.5%)
IMPORT GROWTH (October 2023 - October 2024)$4.25M(0.75%)

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 Mexico and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Mexico and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $13.8B to Mexico. The main products exported from South Korea to Mexico were Motor vehicles; parts and accessories (8701 to 8705) ($1.42B), Coated Flat-Rolled Iron ($868M), and Office Machine Parts ($790M). During the last 5 years the exports of South Korea to Mexico have increased at an annualized rate of 0.82%, from $13.2B in 2017 to $13.8B in 2022.

In 2017, Mexico exported $7.29B to South Korea. The main products exported from Mexico to South Korea were Crude Petroleum ($3.31B), Lead Ore ($669M), and Motor vehicles; parts and accessories (8701 to 8705) ($420M). During the last 5 years the exports of Mexico to South Korea have increased at an annualized rate of 12.7%, from $4B in 2022 to $7.29B in 2017.

Exports from South Korea (Flag) to Mexico (Flag) (2022)

Exports from Mexico (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Mexico
Top DestinationUnited States$421B

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

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

In 2022, countries that imported more from Mexico than South Korea included United States ($421B), Canada ($22.2B), and Colombia ($3.6B).

Difference in imports from Mexico (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Mexico

Flow
Scale

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

During 2022, South Korea had a large net trade with Mexico in the exports of Machines ($6.18B), Metals ($3.22B), and Transportation ($1.61B).

During 2017, Mexico had a large net trade with South Korea in the exports of Mineral Products ($4.73B), Transportation ($782M), and Machines ($723M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Mexico+$345MIntegrated Circuits
Top Product Potential Mexico South Korea+$277MCrude Petroleum

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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Economic Complexity

Competitive Landscape

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

Product Space of South Korea (Flag) and Mexico (Flag) (2022)

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