South Africa (ZAF) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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South Africa (ZAF) and South Korea (KOR) Trade

2022

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Exports $2.89BRnk 15 / 214

2022

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About

South Africa-South Korea Trade: In 2022, South Africa exported $2.89B to South Korea. The main products that South Africa exported to South Korea were Coal Briquettes ($1.37B), Iron Ore ($531M), and Platinum ($193M). Over the past 5 years the exports of South Africa to South Korea have increased at an annualized rate of 6.39%, from $2.12B in 2017 to $2.89B in 2022.

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

South Korea-South Africa Trade: In 2022, South Korea exported $1.25B to South Africa. The main products that South Korea exported to South Africa were Cars ($189M), Refined Petroleum ($153M), and Aluminium Plating ($86.6M). Over the past 5 years the exports of South Korea to South Africa have increased at an annualized rate of 3.64%, from $1.04B in 2017 to $1.25B in 2022.

In 2005, South Korea exported services to South Africa worth $94.6M, with Transportation ($80.7M), Travel ($6.9M), and Other business services ($4.1M) being the largest in terms of value.

Comparison: In 2022, South Africa ranked 59 in the Economic Complexity Index (ECI 0.076), and 34 in total exports ($147B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Latest Trends

July, 2024

About

Overview In July 2024, South Africa exported ZAR1.31B and imported ZAR1.22B from South Korea, resulting in a positive trade balance of ZAR95.2M. Between July 2023 and July 2024 the exports of South Africa have decreased by ZAR-2.42B (-64.8%) from ZAR3.73B to ZAR1.31B, while imports decreased by ZAR-374M (-23.5%) from ZAR1.59B to ZAR1.22B.

Trade In July 2024, the top exports of South Africa to South Korea were Coal Briquettes (ZAR2.02B), Iron Ore (ZAR838M), Manganese Ore (ZAR98M), Delivery Trucks (ZAR42.6M), and Alcohol > 80% ABV (ZAR21.5M). In July 2024 the top imports of South Africa from South Korea were Cars (ZAR392M), Delivery Trucks (ZAR79M), Aluminium Plating (ZAR71.8M), Motor vehicles; parts and accessories (8701... (ZAR46.3M), and Office Machine Parts (ZAR37.1M).

Origins In July 2024 the exports of South Africa were mainly from Saldanha Bay (ZAR867M), Richards Bay (ZAR141M), Durban (ZAR128M), O.R. Tambo Int Airport (ZAR66.9M), and Johannesburg (ZAR51.7M), while imports destinations were mainly Durban (ZAR806M), Port Elizabeth (ZAR161M), O.R. Tambo Int Airport (ZAR146M), Cape Town (ZAR70.3M), and Johannesburg (ZAR14.1M).

Growth In July 2024, the decrease in South Africa's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Manganese Ore (ZAR-114M or -53.8%), Aluminium Powder (ZAR-13.8M or -69.4%), and Aluminium Plating (ZAR-7.12M or -67.2%). In July 2024, the decrease in South Africa's year-by-year imports from South Korea was explained primarily by an decrease in product imports in Vinyl Chloride Polymers (ZAR-38.5M or -94.7%), Ethylene Polymers (ZAR-30.5M or -81.8%), and Large Construction Vehicles (ZAR-22M or -45.5%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (July 2023 - July 2024)ZAR-2.42B(-64.8%)

IMPORT GROWTH (July 2023 - July 2024)ZAR-374M(-23.5%)

MAIN EXPORTER (July 2024)Saldanha BayZAR867M

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Africa exported $2.89B to South Korea. The main products exported from South Africa to South Korea were Coal Briquettes ($1.37B), Iron Ore ($531M), and Platinum ($193M). During the last 5 years the exports of South Africa to South Korea have increased at an annualized rate of 6.39%, from $2.12B in 2017 to $2.89B in 2022.

In 2017, South Korea exported $1.25B to South Africa. The main products exported from South Korea to South Africa were Cars ($189M), Refined Petroleum ($153M), and Aluminium Plating ($86.6M). During the last 5 years the exports of South Korea to South Africa have increased at an annualized rate of 3.64%, from $1.04B in 2022 to $1.25B in 2017.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Africa
Top DestinationChina$23.4B

South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from South Africa than South Korea included Botswana ($4.74B), Switzerland ($6.43B), and Namibia ($3.3B).

In 2022, countries that imported more from South Korea than South Africa included China ($150B), United States ($112B), and Vietnam ($60.7B).

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

Comparative Advantage South Africa - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Africa had a large net trade with South Korea in the exports of Mineral Products ($2.09B), Metals ($245M), and Precious Metals ($193M).

During 2017, South Korea had a large net trade with South Africa in the exports of Transportation ($284M), Machines ($246M), and Mineral Products ($209M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential South Africa South Korea+$104MCoal Briquettes

Top Product Potential South Korea South Africa+$154MRefined 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

Year

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

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

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