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2022
Exports $2.54BWorld Rnk 14 / 224
Flag Rnk 48 / 1204
2022
Destination $56.2M United States
2021 - 2022
FASTEST GROWING MARKET $56.2MUnited States
2022
PRODUCT COMPLEXITY IN Medical Instruments0.76Rnk 260 / 1025
2022
Imports $2.44BWorld Rnk 15 / 225
Flag Rnk 35 / 1213
2022
Origin $69.7M United States
2021 - 2022
FASTEST GROWING ORIGIN $69.7MMexico
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $2.54B in Medical Instruments, making it the 14th largest exporter of Medical Instruments in the world. At the same year, Medical Instruments was the 48th most exported product in South Korea. The main destination of Medical Instruments exports from South Korea are: United States ($545M), China ($177M), Japan ($169M), Russia ($125M), and India ($121M).

The fastest growing export markets for Medical Instruments of South Korea between 2021 and 2022 were United States ($56.2M), India ($46.4M), and Russia ($23M).

Imports In 2022, South Korea imported $2.44B in Medical Instruments, becoming the 15th largest importer of Medical Instruments in the world. At the same year, Medical Instruments was the 35th most imported product in South Korea. South Korea imports Medical Instruments primarily from: United States ($699M), China ($276M), Mexico ($255M), Germany ($255M), and Japan ($205M).

The fastest growing import markets in Medical Instruments for South Korea between 2021 and 2022 were Mexico ($69.7M), China ($42M), and United States ($27.7M).

COMPANIES In 2023, leading companies such as Tesla (9), John Deere (6), and CNH Industrial (5) were at the forefront of shipping Medical Instruments from South Korea to the United States.

Latest Trends

September 2024

About

Overview In September 2024 South Korea's Medical Instruments exports accounted up to $205M and imports accounted up to $215M, resulting in a negative trade balance of $10.5M. Between September 2023 and September 2024 the exports of South Korea's   Medical Instruments have decreased by $-10.1M (-4.72%) from $215M to $205M, while imports increased by $6.77M (3.25%) from $209M to $215M.

Destinations In September 2024, Medical Instruments were exported mostly to United States ($42.5M), Japan ($16.5M), Russia ($14M), China ($12.7M), and India ($7.17M), and were imported mostly from United States ($60.4M), China ($26.8M), Mexico ($21M), Germany ($20.3M), and Japan ($20M).

Growth In September 2024, the decrease in Medical Instruments's year-by-year exports was explained primarily by a decrease in exports to United States ($-11M or -25.7%), China ($-3.52M or -27.2%), and France ($-1.19M or -14.2%). In September 2024, the increase in Medical Instruments's year-by-year imports was explained primarily by an increase in imports from United States ($14.4M or 29.8%), Mexico ($11.2M or 68.4%), and Costa Rica ($2.32M or 51.4%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (September 2023 - September 2024)$-10.1M(-4.72%)
IMPORT GROWTH (September 2023 - September 2024)$6.77M(3.25%)
MAIN DESTINATION (September 2024)United States$42.5M

This section shows Medical Instruments'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 Medical Instruments over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$2.54B
IMPORTS (2022)$2.44B
NET TRADE (2022)$106M

In 2022, South Korea exported $2.54B in Medical Instruments. The main destinations of South Korea exports on Medical Instruments were United States ($545M), China ($177M), Japan ($169M), Russia ($125M), and India ($121M).

In 2022, South Korea imported $2.44B in Medical Instruments, mainly from United States ($699M), China ($276M), Mexico ($255M), Germany ($255M), and Japan ($205M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Medical Instruments EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$56.2M (11.5%)
India$46.4M (62.3%)
Russia$23M (22.6%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Medical Instruments BY South Korea WERE (2021 - 2022):
China-$37.4M (-17.5%)
Japan-$16.5M (-8.87%)
Ukraine-$12M (-59.5%)
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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 Medical Instruments were:
United States $33.3B
Germany $17.6B
Mexico $14.1B
In 2022, South Korea's main importing competitors in Medical Instruments were:
United States $34.7B
Netherlands $12.9B
Germany $11.4B

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Trade Value of Medical Instruments by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $174M
TOP IMPORT POTENTIALChina+ $165M

Medical Instruments’s highest export potential is China. With an export gap of $174M.   Medical Instruments’s highest import potential is China with an import gap of $165M.

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