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2022
Exports $29BWorld Rnk 4 / 223
Flag Rnk 6 / 96
2022
Destination $405M China
2021 - 2022
FASTEST GROWING MARKET $405MItaly
2022
PRODUCT COMPLEXITY IN Iron & steel1.68Rnk 28 / 1025
2022
Imports $18.4BWorld Rnk 6 / 225
Flag Rnk 7 / 96
2022
Origin $468M Japan
2021 - 2022
FASTEST GROWING ORIGIN $468MJapan
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $29B in Iron & steel, making it the 4th largest exporter of Iron & steel in the world. At the same year, Iron & steel was the 6th most exported product in South Korea. The main destination of Iron & steel exports from South Korea are: China ($3.39B), Japan ($3.01B), India ($2.74B), United States ($2.36B), and Mexico ($2.16B).

The fastest growing export markets for Iron & steel of South Korea between 2021 and 2022 were Italy ($405M), India ($308M), and Turkey ($235M).

Imports In 2022, South Korea imported $18.4B in Iron & steel, becoming the 6th largest importer of Iron & steel in the world. At the same year, Iron & steel was the 7th most imported product in South Korea. South Korea imports Iron & steel primarily from: Japan ($6.54B), China ($6.13B), Vietnam ($624M), Malaysia ($612M), and Chinese Taipei ($609M).

The fastest growing import markets in Iron & steel for South Korea between 2021 and 2022 were Japan ($468M), Vietnam ($275M), and Malaysia ($218M).

COMPANIES In 2023, leading companies such as CNH Industrial (68), LG Electronics (58), and Hankook Tires (29) were at the forefront of shipping Iron & steel from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Iron & steel exports accounted up to $2.12B and imports accounted up to $1.11B, resulting in a positive trade balance of $1.01B. Between October 2023 and October 2024 the exports of South Korea's   Iron & steel have increased by $96.5M (4.77%) from $2.02B to $2.12B, while imports decreased by $-119M (-9.7%) from $1.23B to $1.11B.

Destinations In October 2024, Iron & steel were exported mostly to Japan ($255M), India ($214M), China ($206M), Mexico ($161M), and Vietnam ($155M), and were imported mostly from China ($491M), Japan ($302M), India ($50.1M), Brazil ($37.1M), and Vietnam ($36.5M).

Growth In October 2024, the increase in Iron & steel's year-by-year exports was explained primarily by an increase in exports to Turkey ($18.4M or 19.5%), Oman ($7.01M or 700%), and Chinese Taipei ($6.68M or 18.2%). In October 2024, the decrease in Iron & steel's year-by-year imports was explained primarily by a decrease in imports from Japan ($-81.1M or -15.1%), India ($-55M or -84.1%), and Russia ($-51.5M or -76.3%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$96.5M(4.77%)
IMPORT GROWTH (October 2023 - October 2024)$-119M(-9.7%)
MAIN DESTINATION (October 2024)Japan$255M

This section shows Iron & steel'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 & steel over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$29B
IMPORTS (2022)$18.4B
NET TRADE (2022)$10.5B

In 2022, South Korea exported $29B in Iron & steel. The main destinations of South Korea exports on Iron & steel were China ($3.39B), Japan ($3.01B), India ($2.74B), United States ($2.36B), and Mexico ($2.16B).

In 2022, South Korea imported $18.4B in Iron & steel, mainly from Japan ($6.54B), China ($6.13B), Vietnam ($624M), Malaysia ($612M), and Chinese Taipei ($609M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Iron & steel EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Italy$405M (48.5%)
India$308M (12.7%)
Turkey$235M (22.3%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron & steel BY South Korea WERE (2021 - 2022):
Chinese Taipei-$228M (-28%)
Vietnam-$200M (-12.7%)
Russia-$199M (-69.9%)
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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 & steel were:
China $69.8B
Germany $36.9B
Japan $35.7B
In 2022, South Korea's main importing competitors in Iron & steel were:
United States $43.2B
China $41.4B
Germany $36B

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Trade Value of Iron & steel by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $628M
TOP IMPORT POTENTIALChina+ $228M

Iron & steel’s highest export potential is China. With an export gap of $628M.   Iron & steel’s highest import potential is China with an import gap of $228M.

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