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2022
Exports $6.81BWorld Rnk 3 / 151
Flag Rnk 19 / 1204
2022
Destination $149M Japan
2021 - 2022
FASTEST GROWING MARKET $149MItaly
2022
PRODUCT COMPLEXITY IN Hot-Rolled Iron0.41Rnk 402 / 1025
2022
Imports $3.7BWorld Rnk 6 / 214
Flag Rnk 21 / 1213
2022
Origin $706M Japan
2021 - 2022
FASTEST GROWING ORIGIN $706MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $6.81B in Hot-Rolled Iron, making it the 3rd largest exporter of Hot-Rolled Iron in the world. At the same year, Hot-Rolled Iron was the 19th most exported product in South Korea. The main destination of Hot-Rolled Iron exports from South Korea are: Japan ($889M), India ($802M), United States ($704M), China ($583M), and Vietnam ($537M).

The fastest growing export markets for Hot-Rolled Iron of South Korea between 2021 and 2022 were Italy ($149M), Turkey ($129M), and Denmark ($126M).

Imports In 2022, South Korea imported $3.7B in Hot-Rolled Iron, becoming the 6th largest importer of Hot-Rolled Iron in the world. At the same year, Hot-Rolled Iron was the 21st most imported product in South Korea. South Korea imports Hot-Rolled Iron primarily from: Japan ($2.12B), China ($1.4B), Chinese Taipei ($130M), France ($10.9M), and Brazil ($7.32M).

The fastest growing import markets in Hot-Rolled Iron for South Korea between 2021 and 2022 were China ($706M), Japan ($218M), and Chinese Taipei ($48.4M).

COMPANIES In 2023, leading companies such as Volvo (2) and Nexen Tire (1) were at the forefront of shipping Hot-Rolled Iron from South Korea to the United States.

Latest Trends

November 2024

About

Overview In November 2024 South Korea's Hot-Rolled Iron exports accounted up to $482M and imports accounted up to $209M, resulting in a positive trade balance of $274M. Between November 2023 and November 2024 the exports of South Korea's   Hot-Rolled Iron have decreased by $-17.1M (-3.43%) from $500M to $482M, while imports decreased by $-73.6M (-26.1%) from $282M to $209M.

Destinations In November 2024, Hot-Rolled Iron were exported mostly to India ($68.1M), Japan ($64.8M), Vietnam ($58.8M), Turkey ($47M), and Italy ($37.4M), and were imported mostly from Japan ($116M), China ($90.9M), Chinese Taipei ($365k), Belgium ($254k), and Austria ($232k).

Growth In November 2024, the decrease in Hot-Rolled Iron's year-by-year exports was explained primarily by a decrease in exports to United States ($-75M or -82%), Mexico ($-35M or -63.7%), and India ($-26.7M or -36.1%). In November 2024, the decrease in Hot-Rolled Iron's year-by-year imports was explained primarily by a decrease in imports from Japan ($-51.8M or -25.3%), Chinese Taipei ($-1.88M or -33.6%), and Belgium ($-591k or -79.2%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$-17.1M(-3.43%)
IMPORT GROWTH (November 2023 - November 2024)$-73.6M(-26.1%)
MAIN DESTINATION (November 2024)India$68.1M

This section shows Hot-Rolled Iron'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 Hot-Rolled Iron over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$6.81B
IMPORTS (2022)$3.7B
NET TRADE (2022)$3.11B

In 2022, South Korea exported $6.81B in Hot-Rolled Iron. The main destinations of South Korea exports on Hot-Rolled Iron were Japan ($889M), India ($802M), United States ($704M), China ($583M), and Vietnam ($537M).

In 2022, South Korea imported $3.7B in Hot-Rolled Iron, mainly from Japan ($2.12B), China ($1.4B), Chinese Taipei ($130M), France ($10.9M), and Brazil ($7.32M).

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Export Destinations (NaN)

Import Origins (NaN)

Market Growth

Flow
THE FASTEST GROWING Hot-Rolled Iron EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Italy$149M (51.8%)
Turkey$129M (64.9%)
Denmark$126M (798%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Hot-Rolled Iron BY South Korea WERE (2021 - 2022):
Oman-$101M (-64.2%)
United States-$88.5M (-11.2%)
Chinese Taipei-$57.9M (-30.7%)
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Change in Exports by Market (undefined - undefined)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Hot-Rolled Iron were:
Japan $11.2B
China $11.2B
In 2022, South Korea's main importing competitors in Hot-Rolled Iron were:
Italy $5.5B
Vietnam $5.46B
Germany $4B

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Trade Value of Hot-Rolled Iron by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $120M
TOP IMPORT POTENTIALChina+ $56.6M

Hot-Rolled Iron’s highest export potential is China. With an export gap of $120M.   Hot-Rolled Iron’s highest import potential is China with an import gap of $56.6M.

See methodology.

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