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2022
Exports $15.3MWorld Rnk 47 / 128
Flag Rnk 674 / 1204
2022
Destination $1.1k China
2021 - 2022
FASTEST GROWING MARKET $1.1kNetherlands
2022
PRODUCT COMPLEXITY IN Iron Ore-1.79Rnk 980 / 1025
2022
Imports $7.58BWorld Rnk 3 / 130
Flag Rnk 9 / 1213
2022
Origin $157M Australia
2021 - 2022
FASTEST GROWING ORIGIN $157MChile
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $15.3M in Iron Ore, making it the 47th largest exporter of Iron Ore in the world. At the same year, Iron Ore was the 674th most exported product in South Korea. The main destination of Iron Ore exports from South Korea are: China ($15.3M), Netherlands ($1.73k), Austria ($71), Indonesia ($10), and Ireland ($8).

The fastest growing export markets for Iron Ore of South Korea between 2021 and 2022 were Netherlands ($1.1k), Austria ($71), and Ireland ($8).

Imports In 2022, South Korea imported $7.58B in Iron Ore, becoming the 3rd largest importer of Iron Ore in the world. At the same year, Iron Ore was the 9th most imported product in South Korea. South Korea imports Iron Ore primarily from: Australia ($5.15B), Brazil ($867M), Canada ($620M), South Africa ($531M), and Chile ($241M).

The fastest growing import markets in Iron Ore for South Korea between 2021 and 2022 were Chile ($157M), Canada ($76M), and Malaysia ($20.7M).

Latest Trends

September 2024

About

Overview In September 2024 South Korea's Iron Ore exports accounted up to $0 and imports accounted up to $678M, resulting in a negative trade balance of $678M. Between September 2023 and September 2024 the exports of South Korea's   Iron Ore have decreased by $-1.73M (-100%) from $1.73M to $0, while imports decreased by $-153M (-18.4%) from $831M to $678M.

Destinations In September 2024, Iron Ore were exported mostly to South Africa ($0), China ($0), Canada ($0), Australia ($0), and Brazil ($0), and were imported mostly from Australia ($337M), Brazil ($191M), Canada ($68.6M), South Africa ($37.3M), and Chile ($32.6M).

Growth In September 2024, the decrease in Iron Ore's year-by-year exports was explained primarily by a decrease in exports to . In September 2024, the decrease in Iron Ore's year-by-year imports was explained primarily by a decrease in imports from South Africa ($-87.8M or -79.6%), Brazil ($-37.5M or -25.2%), and Canada ($-32.7M or -44.5%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (September 2023 - September 2024)$-1.73M(-100%)
IMPORT GROWTH (September 2023 - September 2024)$-153M(-18.4%)
MAIN DESTINATION (September 2024)South Africa$0

This section shows Iron Ore'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 Iron Ore over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$15.3M
IMPORTS (2022)$7.58B
NET TRADE (2022)-$7.57B

In 2022, South Korea exported $15.3M in Iron Ore. The main destinations of South Korea exports on Iron Ore were China ($15.3M), Netherlands ($1.73k), Austria ($71), Indonesia ($10), and Ireland ($8).

In 2022, South Korea imported $7.58B in Iron Ore, mainly from Australia ($5.15B), Brazil ($867M), Canada ($620M), South Africa ($531M), and Chile ($241M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Iron Ore EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Netherlands$1.1k (175%)
Austria$71 (1%)
Ireland$8 (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron Ore BY South Korea WERE (2021 - 2022):
China-$3.12M (-16.9%)
Italy-$3.1k (-100%)
Indonesia-$3.05k (-99.7%)
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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 Iron Ore were:
Australia $87.9B
Brazil $30.1B
Canada $6.81B
In 2022, South Korea's main importing competitors in Iron Ore were:
China $103B
Japan $11.3B

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Trade Value of Iron Ore by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $39.5M
TOP IMPORT POTENTIALChina+ $61.9M

Iron Ore’s highest export potential is China. With an export gap of $39.5M.   Iron Ore’s highest import potential is China with an import gap of $61.9M.

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