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2023
Exports $36.5MWorld Rnk 11 / 97
Flag Rnk 501 / 1188
2023
Destination $828k United States
2022 - 2023
FASTEST GROWING MARKET $828kCanada
2023
PRODUCT COMPLEXITY IN Magnesium0.96Rnk 189 / 1025
2023
Imports $85.7MWorld Rnk 7 / 176
Flag Rnk 511 / 1208
2023
Origin $388k China
2022 - 2023
FASTEST GROWING ORIGIN $388kGermany
2023
ECONOMIC COMPLEXITY of South Korea1.85Rnk 4 / 132

About

Exports In 2023, South Korea exported $36.5M in Magnesium, making it the 11th largest exporter of Magnesium in the world. At the same year, Magnesium was the 501st most exported product in South Korea. The main destination of Magnesium exports from South Korea are: United States ($32.6M), Canada ($1.71M), Japan ($748k), Saudi Arabia ($704k), and Chinese Taipei ($235k).

The fastest growing export markets for Magnesium of South Korea between 2022 and 2023 were Canada ($828k), Saudi Arabia ($489k), and Japan ($312k).

Imports In 2023, South Korea imported $85.7M in Magnesium, becoming the 7th largest importer of Magnesium in the world. At the same year, Magnesium was the 511th most imported product in South Korea. South Korea imports Magnesium primarily from: China ($82.8M), Chinese Taipei ($761k), United States ($718k), Germany ($501k), and India ($282k).

The fastest growing import markets in Magnesium for South Korea between 2022 and 2023 were Germany ($388k), Indonesia ($145k), and India ($108k).

Latest Trends

December 2024

About

Overview In December 2024 South Korea's Magnesium exports accounted up to $6.07M and imports accounted up to $9.01M, resulting in a negative trade balance of $2.94M. Between December 2023 and December 2024 the exports of South Korea's   Magnesium have increased by $3.57M (143%) from $2.5M to $6.07M, while imports increased by $867k (10.6%) from $8.14M to $9.01M.

Destinations In December 2024, Magnesium were exported mostly to United States ($5.76M), Hong Kong ($280k), Egypt ($18k), Vietnam ($5k), and China ($1k), and were imported mostly from China ($8.52M), Chinese Taipei ($370k), Thailand ($53k), Japan ($39k), and United States ($13k).

Growth In December 2024, the increase in Magnesium's year-by-year exports was explained primarily by an increase in exports to United States ($1.89M or 104%). In December 2024, the increase in Magnesium's year-by-year imports was explained primarily by an increase in imports from China ($2.23M or 31.9%) and Chinese Taipei ($134k or 103%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$3.57M(143%)
IMPORT GROWTH (December 2023 - December 2024)$867k(10.6%)
MAIN DESTINATION (December 2024)United States$5.76M

This section shows Magnesium'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 Magnesium over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$36.5M
IMPORTS (2023)$85.7M
NET TRADE (2023)-$49.3M

In 2023, South Korea exported $36.5M in Magnesium. The main destinations of South Korea exports on Magnesium were United States ($32.6M), Canada ($1.71M), Japan ($748k), Saudi Arabia ($704k), and Chinese Taipei ($235k).

In 2023, South Korea imported $85.7M in Magnesium, mainly from China ($82.8M), Chinese Taipei ($761k), United States ($718k), Germany ($501k), and India ($282k).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Magnesium EXPORT MARKETS FOR South Korea WERE (2022 - 2023):
Canada$828k (93.4%)
Saudi Arabia$489k (227%)
Japan$312k (71.5%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Magnesium BY South Korea WERE (2022 - 2023):
Netherlands-$656k (-100%)
Vietnam-$530k (-100%)
Czechia-$383k (-99.6%)
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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 Magnesium were:
China $1.5B
Israel $211M
Turkey $116M
In 2023, South Korea's main importing competitors in Magnesium were:
United States $598M
Canada $253M
Germany $203M

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Trade Value of Magnesium by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALCanada+ $723k
TOP IMPORT POTENTIALChina+ $4.62M

Magnesium’s highest export potential is Canada. With an export gap of $723k.   Magnesium’s highest import potential is China with an import gap of $4.62M.

See methodology.

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