Animal or vegetable fats, oils, & waxes in South Korea | The Observatory of Economic Complexity

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Exports In 2022, South Korea exported $197M in Animal or vegetable fats, oils, & waxes, making it the 75th largest exporter of Animal or vegetable fats, oils, & waxes in the world. At the same year, Animal or vegetable fats, oils, & waxes was the 67th most exported product in South Korea. The main destination of Animal or vegetable fats, oils, & waxes exports from South Korea are: Japan ($35M), China ($28.8M), Singapore ($27.3M), Malaysia ($27.2M), and Vietnam ($18.1M).

The fastest growing export markets for Animal or vegetable fats, oils, & waxes of South Korea between 2021 and 2022 were Japan ($17.3M), Singapore ($9.71M), and Malaysia ($8.54M).

Imports In 2022, South Korea imported $3.15B in Animal or vegetable fats, oils, & waxes, becoming the 15th largest importer of Animal or vegetable fats, oils, & waxes in the world. At the same year, Animal or vegetable fats, oils, & waxes was the 26th most imported product in South Korea. South Korea imports Animal or vegetable fats, oils, & waxes primarily from: Indonesia ($879M), Malaysia ($731M), Argentina ($249M), United States ($223M), and Canada ($161M).

The fastest growing import markets in Animal or vegetable fats, oils, & waxes for South Korea between 2021 and 2022 were Malaysia ($166M), Argentina ($70.9M), and Brazil ($33.6M).

COMPANIES In 2023, leading companies such as LG Electronics (9), Direct Link (4), and Wismettac Asian Foods (1) were at the forefront of shipping Animal or vegetable fats, oils, & waxes from South Korea to the United States.

Latest Trends

November 2024

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Overview In November 2024 South Korea's Animal or vegetable fats, oils, & waxes exports accounted up to $9.56M and imports accounted up to $135M, resulting in a negative trade balance of $125M. Between November 2023 and November 2024 the exports of South Korea's Animal or vegetable fats, oils, & waxes have decreased by $-13.7M (-58.8%) from $23.2M to $9.56M, while imports decreased by $-19.7M (-12.7%) from $154M to $135M.

Destinations In November 2024, Animal or vegetable fats, oils, & waxes were exported mostly to Singapore ($1.93M), Vietnam ($1.93M), United States ($1.07M), Indonesia ($765k), and Malaysia ($678k), and were imported mostly from Malaysia ($42.8M), Spain ($14.2M), Indonesia ($13.5M), China ($9.16M), and Vietnam ($9.04M).

Growth In November 2024, the decrease in Animal or vegetable fats, oils, & waxes's year-by-year exports was explained primarily by a decrease in exports to Singapore ($-3.36M or -92.4%), China ($-1.12M or -59.8%), and Malaysia ($-579k or -22.5%). In November 2024, the decrease in Animal or vegetable fats, oils, & waxes's year-by-year imports was explained primarily by a decrease in imports from United States ($-27.5M or -88.7%), Philippines ($-5.24M or -80.6%), and Canada ($-3.61M or -35%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (November 2023 - November 2024)$-13.7M(-58.8%)

IMPORT GROWTH (November 2023 - November 2024)$-19.7M(-12.7%)

MAIN DESTINATION (November 2024)Singapore$1.93M

This section shows Animal or vegetable fats, oils, & waxes's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Animal or vegetable fats, oils, & waxes over time.

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