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2022
Exports $998MWorld Rnk 8 / 219
Flag Rnk 101 / 1204
2022
Destination $22.9M United States
2021 - 2022
FASTEST GROWING MARKET $22.9MUnited States
2022
PRODUCT COMPLEXITY IN Ball Bearings1.2Rnk 104 / 1025
2022
Imports $953MWorld Rnk 8 / 220
Flag Rnk 112 / 1213
2022
Origin $12.1M China
2021 - 2022
FASTEST GROWING ORIGIN $12.1MUnited States
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $998M in Ball Bearings, making it the 8th largest exporter of Ball Bearings in the world. At the same year, Ball Bearings was the 101st most exported product in South Korea. The main destination of Ball Bearings exports from South Korea are: United States ($199M), China ($178M), Germany ($106M), Mexico ($88.7M), and Japan ($72.2M).

The fastest growing export markets for Ball Bearings of South Korea between 2021 and 2022 were United States ($22.9M), Germany ($13.8M), and Mexico ($5.91M).

Imports In 2022, South Korea imported $953M in Ball Bearings, becoming the 8th largest importer of Ball Bearings in the world. At the same year, Ball Bearings was the 112th most imported product in South Korea. South Korea imports Ball Bearings primarily from: China ($376M), Japan ($269M), Germany ($108M), United States ($67M), and Thailand ($17.9M).

The fastest growing import markets in Ball Bearings for South Korea between 2021 and 2022 were United States ($12.1M), India ($4.11M), and Malaysia ($1.05M).

COMPANIES In 2023, leading companies such as Schaeffler Group (182), General Motors (25), and SKF Group (7) were at the forefront of shipping Ball Bearings from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Ball Bearings exports accounted up to $81.3M and imports accounted up to $82.6M, resulting in a negative trade balance of $1.35M. Between July 2023 and July 2024 the exports of South Korea's   Ball Bearings have increased by $4.02M (5.2%) from $77.2M to $81.3M, while imports increased by $5.78M (7.53%) from $76.8M to $82.6M.

Destinations In July 2024, Ball Bearings were exported mostly to United States ($19.2M), China ($14.1M), Mexico ($10.5M), Germany ($6.3M), and Japan ($5.84M), and were imported mostly from China ($31.2M), Japan ($19.5M), United States ($9.11M), Germany ($7.33M), and Thailand ($2.81M).

Growth In July 2024, the increase in Ball Bearings's year-by-year exports was explained primarily by an increase in exports to Thailand ($379k or 21.3%), India ($362k or 12.7%), and Croatia ($330k or 76.7%). In July 2024, the increase in Ball Bearings's year-by-year imports was explained primarily by an increase in imports from India ($969k or 220%), United States ($675k or 10.6%), and Romania ($508k or 52.6%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$4.02M(5.2%)
IMPORT GROWTH (July 2023 - July 2024)$5.78M(7.53%)
MAIN DESTINATION (July 2024)United States$19.2M

This section shows Ball Bearings'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 Ball Bearings over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$998M
IMPORTS (2022)$953M
NET TRADE (2022)$44.8M

In 2022, South Korea exported $998M in Ball Bearings. The main destinations of South Korea exports on Ball Bearings were United States ($199M), China ($178M), Germany ($106M), Mexico ($88.7M), and Japan ($72.2M).

In 2022, South Korea imported $953M in Ball Bearings, mainly from China ($376M), Japan ($269M), Germany ($108M), United States ($67M), and Thailand ($17.9M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Ball Bearings EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$22.9M (13%)
Germany$13.8M (14.9%)
Mexico$5.91M (7.14%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Ball Bearings BY South Korea WERE (2021 - 2022):
China-$30.3M (-14.6%)
Japan-$11.3M (-13.5%)
Brazil-$9.62M (-33.2%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Ball Bearings were:
China $7.18B
Germany $5.05B
Japan $4.49B
In 2022, South Korea's main importing competitors in Ball Bearings were:
Germany $4.52B
United States $3.67B
China $3.34B

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Trade Value of Ball Bearings by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $70.2M
TOP IMPORT POTENTIALChina+ $71.2M

Ball Bearings’s highest export potential is China. With an export gap of $70.2M.   Ball Bearings’s highest import potential is China with an import gap of $71.2M.

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