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2022
Exports $193MWorld Rnk 6 / 188
Flag Rnk 283 / 1204
2022
Destination $2.95M China
2021 - 2022
FASTEST GROWING MARKET $2.95MMexico
2022
PRODUCT COMPLEXITY IN Electrical Parts-1.06Rnk 849 / 1025
2022
Imports $152MWorld Rnk 8 / 212
Flag Rnk 423 / 1213
2022
Origin $5.19M China
2021 - 2022
FASTEST GROWING ORIGIN $5.19MCanada
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $193M in Electrical Parts, making it the 6th largest exporter of Electrical Parts in the world. At the same year, Electrical Parts was the 283rd most exported product in South Korea. The main destination of Electrical Parts exports from South Korea are: China ($114M), Vietnam ($35.1M), Hong Kong ($13.7M), United States ($5.21M), and Thailand ($4.34M).

The fastest growing export markets for Electrical Parts of South Korea between 2021 and 2022 were Mexico ($2.95M), Thailand ($1.22M), and Hungary ($1.15M).

Imports In 2022, South Korea imported $152M in Electrical Parts, becoming the 8th largest importer of Electrical Parts in the world. At the same year, Electrical Parts was the 423rd most imported product in South Korea. South Korea imports Electrical Parts primarily from: China ($62.4M), Japan ($51.2M), Vietnam ($10.5M), United States ($5.75M), and Canada ($5.2M).

The fastest growing import markets in Electrical Parts for South Korea between 2021 and 2022 were Canada ($5.19M), Guatemala ($2.99M), and United States ($2.81M).

COMPANIES In 2023, leading companies such as LG Electronics (5) and General Motors (1) were at the forefront of shipping Electrical Parts from South Korea to the United States.

Latest Trends

August 2024

About

Overview In August 2024 South Korea's Electrical Parts exports accounted up to $5.97M and imports accounted up to $6M, resulting in a negative trade balance of $24k. Between August 2023 and August 2024 the exports of South Korea's   Electrical Parts have increased by $356k (6.34%) from $5.62M to $5.97M, while imports decreased by $-90k (-1.48%) from $6.09M to $6M.

Destinations In August 2024, Electrical Parts were exported mostly to Vietnam ($2.55M), China ($1.8M), Indonesia ($1.13M), Hong Kong ($146k), and Thailand ($83k), and were imported mostly from Japan ($2.2M), China ($1.92M), Vietnam ($580k), Israel ($339k), and United States ($213k).

Growth In August 2024, the increase in Electrical Parts's year-by-year exports was explained primarily by an increase in exports to Thailand ($180k or 43%), Germany ($28k or 73.7%), and Mexico ($28k or 93.3%). In August 2024, the decrease in Electrical Parts's year-by-year imports was explained primarily by a decrease in imports from China ($-1.58M or -52.9%), Japan ($-1.56M or -37.7%), and Vietnam ($-866k or -72%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (August 2023 - August 2024)$356k(6.34%)
IMPORT GROWTH (August 2023 - August 2024)$-90k(-1.48%)
MAIN DESTINATION (August 2024)Vietnam$2.55M

This section shows Electrical Parts'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 Electrical Parts over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$193M
IMPORTS (2022)$152M
NET TRADE (2022)$41.1M

In 2022, South Korea exported $193M in Electrical Parts. The main destinations of South Korea exports on Electrical Parts were China ($114M), Vietnam ($35.1M), Hong Kong ($13.7M), United States ($5.21M), and Thailand ($4.34M).

In 2022, South Korea imported $152M in Electrical Parts, mainly from China ($62.4M), Japan ($51.2M), Vietnam ($10.5M), United States ($5.75M), and Canada ($5.2M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Electrical Parts EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Mexico$2.95M (501%)
Thailand$1.22M (39%)
Hungary$1.15M (3.21k%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Electrical Parts BY South Korea WERE (2021 - 2022):
Vietnam-$25.2M (-41.8%)
China-$13.4M (-10.5%)
Netherlands-$6.85M (-98.5%)
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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 Electrical Parts were:
China $3.15B
Japan $785M
United States $341M
In 2022, South Korea's main importing competitors in Electrical Parts were:
Hong Kong $1.2B
Vietnam $1.19B
China $858M

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Trade Value of Electrical Parts by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $7.22M
TOP IMPORT POTENTIALUnited States+ $1.67M

Electrical Parts’s highest export potential is China. With an export gap of $7.22M.   Electrical Parts’s highest import potential is United States with an import gap of $1.67M.

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