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2023
Exports $1.71BWorld Rnk 11 / 211
Flag Rnk 58 / 1188
2023
Destination $104M United States
2022 - 2023
FASTEST GROWING MARKET $104MUnited States
2023
PRODUCT COMPLEXITY IN Electric Motors0.8Rnk 253 / 1025
2023
Imports $1.77BWorld Rnk 8 / 226
Flag Rnk 48 / 1208
2023
Origin $74.1M China
2022 - 2023
FASTEST GROWING ORIGIN $74.1MUnited States
2023
ECONOMIC COMPLEXITY of South Korea1.85Rnk 4 / 132

About

Exports In 2023, South Korea exported $1.71B in Electric Motors, making it the 11th largest exporter of Electric Motors in the world. At the same year, Electric Motors was the 58th most exported product in South Korea. The main destination of Electric Motors exports from South Korea are: United States ($560M), Mexico ($182M), China ($170M), Czechia ($147M), and Slovakia ($112M).

The fastest growing export markets for Electric Motors of South Korea between 2022 and 2023 were United States ($104M), Czechia ($28.5M), and Germany ($24.4M).

Imports In 2023, South Korea imported $1.77B in Electric Motors, becoming the 8th largest importer of Electric Motors in the world. At the same year, Electric Motors was the 48th most imported product in South Korea. South Korea imports Electric Motors primarily from: China ($662M), United States ($378M), Japan ($198M), Germany ($141M), and Finland ($75.6M).

The fastest growing import markets in Electric Motors for South Korea between 2022 and 2023 were United States ($74.1M), Germany ($30.3M), and Italy ($29.4M).

COMPANIES In 2024, leading companies such as LG Electronics (42), Samsung (40), and General Motors (22) were at the forefront of shipping Electric Motors from South Korea to the United States.

Latest Trends

December 2024

About

Overview In December 2024 South Korea's Electric Motors exports accounted up to $128M and imports accounted up to $274M, resulting in a negative trade balance of $147M. Between December 2023 and December 2024 the exports of South Korea's   Electric Motors have increased by $13.8M (12.1%) from $114M to $128M, while imports increased by $80.3M (41.4%) from $194M to $274M.

Destinations In December 2024, Electric Motors were exported mostly to United States ($41.6M), China ($21.7M), Mexico ($9.2M), India ($6.47M), and Poland ($5.54M), and were imported mostly from China ($137M), Philippines ($27.3M), United States ($27M), Vietnam ($13.6M), and Germany ($12.9M).

Growth In December 2024, the increase in Electric Motors's year-by-year exports was explained primarily by an increase in exports to China ($2.66M or 21.8%), Mexico ($2.37M or 31.4%), and Germany ($2.01M or 243%). In December 2024, the increase in Electric Motors's year-by-year imports was explained primarily by an increase in imports from Vietnam ($5.29M or 43.5%), Chinese Taipei ($2.58M or 215%), and Spain ($2.3M or 857%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$13.8M(12.1%)
IMPORT GROWTH (December 2023 - December 2024)$80.3M(41.4%)
MAIN DESTINATION (December 2024)United States$41.6M

This section shows Electric Motors'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 Motors over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$1.71B
IMPORTS (2023)$1.77B
NET TRADE (2023)-$61.9M

In 2023, South Korea exported $1.71B in Electric Motors. The main destinations of South Korea exports on Electric Motors were United States ($560M), Mexico ($182M), China ($170M), Czechia ($147M), and Slovakia ($112M).

In 2023, South Korea imported $1.77B in Electric Motors, mainly from China ($662M), United States ($378M), Japan ($198M), Germany ($141M), and Finland ($75.6M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Electric Motors EXPORT MARKETS FOR South Korea WERE (2022 - 2023):
United States$104M (22.8%)
Czechia$28.5M (23.9%)
Germany$24.4M (93.7%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Electric Motors BY South Korea WERE (2022 - 2023):
Vietnam-$36M (-100%)
Mexico-$23.3M (-11.3%)
Slovakia-$16.1M (-12.6%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, South Korea's main exporting competitors in Electric Motors were:
China $17.3B
Germany $8.78B
United States $4.88B
In 2023, South Korea's main importing competitors in Electric Motors were:
United States $12.7B
Germany $7.51B
China $3.73B

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Trade Value of Electric Motors by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $97.9M
TOP IMPORT POTENTIALChina+ $245M

Electric Motors’s highest export potential is China. With an export gap of $97.9M.   Electric Motors’s highest import potential is China with an import gap of $245M.

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