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2022
Exports $231MWorld Rnk 6 / 159
Flag Rnk 254 / 1204
2022
Destination $12.1M China
2021 - 2022
FASTEST GROWING MARKET $12.1MChina
2022
PRODUCT COMPLEXITY IN Electric Furnaces1.31Rnk 93 / 1025
2022
Imports $205MWorld Rnk 6 / 209
Flag Rnk 351 / 1213
2022
Origin $20.5M China
2021 - 2022
FASTEST GROWING ORIGIN $20.5MGermany
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $231M in Electric Furnaces, making it the 6th largest exporter of Electric Furnaces in the world. At the same year, Electric Furnaces was the 254th most exported product in South Korea. The main destination of Electric Furnaces exports from South Korea are: China ($81.6M), Vietnam ($35.2M), United States ($29.9M), Mexico ($12.3M), and Philippines ($11.7M).

The fastest growing export markets for Electric Furnaces of South Korea between 2021 and 2022 were China ($12.1M), Vietnam ($5.87M), and Mexico ($4.46M).

Imports In 2022, South Korea imported $205M in Electric Furnaces, becoming the 6th largest importer of Electric Furnaces in the world. At the same year, Electric Furnaces was the 351st most imported product in South Korea. South Korea imports Electric Furnaces primarily from: China ($48.3M), Japan ($42.9M), Germany ($39.4M), United States ($31.4M), and Italy ($20.1M).

The fastest growing import markets in Electric Furnaces for South Korea between 2021 and 2022 were Germany ($20.5M), China ($9.92M), and United States ($8.32M).

COMPANIES In 2023, leading companies such as LG Electronics (452), Volvo (107), and Team Hardinger (43) were at the forefront of shipping Electric Furnaces from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Electric Furnaces exports accounted up to $12.8M and imports accounted up to $12.1M, resulting in a positive trade balance of $708k. Between October 2023 and October 2024 the exports of South Korea's   Electric Furnaces have decreased by $-15.8M (-55.4%) from $28.6M to $12.8M, while imports decreased by $-14.9M (-55.2%) from $26.9M to $12.1M.

Destinations In October 2024, Electric Furnaces were exported mostly to China ($4.76M), United States ($1.92M), Japan ($1.23M), Vietnam ($1.05M), and Mexico ($767k), and were imported mostly from China ($5.28M), Japan ($2.98M), United States ($1.36M), Italy ($597k), and Spain ($439k).

Growth In October 2024, the decrease in Electric Furnaces's year-by-year exports was explained primarily by a decrease in exports to Philippines ($-3.45M or -98.9%), China ($-3.11M or -63.7%), and United States ($-2.4M or -55.9%). In October 2024, the decrease in Electric Furnaces's year-by-year imports was explained primarily by a decrease in imports from Germany ($-1.21M or -42.3%), Russia ($-459k or -100%), and Italy ($-342k or -41.5%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$-15.8M(-55.4%)
IMPORT GROWTH (October 2023 - October 2024)$-14.9M(-55.2%)
MAIN DESTINATION (October 2024)China$4.76M

This section shows Electric Furnaces'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 Electric Furnaces over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$231M
IMPORTS (2022)$205M
NET TRADE (2022)$25.7M

In 2022, South Korea exported $231M in Electric Furnaces. The main destinations of South Korea exports on Electric Furnaces were China ($81.6M), Vietnam ($35.2M), United States ($29.9M), Mexico ($12.3M), and Philippines ($11.7M).

In 2022, South Korea imported $205M in Electric Furnaces, mainly from China ($48.3M), Japan ($42.9M), Germany ($39.4M), United States ($31.4M), and Italy ($20.1M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Electric Furnaces EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
China$12.1M (17.5%)
Vietnam$5.87M (20%)
Mexico$4.46M (56.8%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Electric Furnaces BY South Korea WERE (2021 - 2022):
Japan-$4.34M (-32.8%)
Finland-$4.07M (-98.8%)
Nepal-$2.38M (-100%)
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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 Electric Furnaces were:
China $1.22B
Germany $882M
Italy $722M
In 2022, South Korea's main importing competitors in Electric Furnaces were:
China $759M
United States $660M
Indonesia $306M

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Trade Value of Electric Furnaces by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $7.76M
TOP IMPORT POTENTIALChina+ $14M

Electric Furnaces’s highest export potential is China. With an export gap of $7.76M.   Electric Furnaces’s highest import potential is China with an import gap of $14M.

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