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2022
Exports $1.63BWorld Rnk 9 / 216
Flag Rnk 65 / 1204
2022
Destination $77.7M China
2021 - 2022
FASTEST GROWING MARKET $77.7MUnited States
2022
PRODUCT COMPLEXITY IN Other Electrical Machinery1.33Rnk 86 / 1025
2022
Imports $1.54BWorld Rnk 13 / 224
Flag Rnk 68 / 1213
2022
Origin $15M China
2021 - 2022
FASTEST GROWING ORIGIN $15MSingapore
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $1.63B in Other Electrical Machinery, making it the 9th largest exporter of Other Electrical Machinery in the world. At the same year, Other Electrical Machinery was the 65th most exported product in South Korea. The main destination of Other Electrical Machinery exports from South Korea are: China ($413M), United States ($332M), Vietnam ($153M), Japan ($141M), and Hungary ($53.4M).

The fastest growing export markets for Other Electrical Machinery of South Korea between 2021 and 2022 were United States ($77.7M), Vietnam ($40.7M), and Indonesia ($12.8M).

Imports In 2022, South Korea imported $1.54B in Other Electrical Machinery, becoming the 13th largest importer of Other Electrical Machinery in the world. At the same year, Other Electrical Machinery was the 68th most imported product in South Korea. South Korea imports Other Electrical Machinery primarily from: China ($648M), Japan ($248M), United States ($241M), Vietnam ($87.6M), and Germany ($71.9M).

The fastest growing import markets in Other Electrical Machinery for South Korea between 2021 and 2022 were Singapore ($15M), Poland ($10.1M), and Chinese Taipei ($9.82M).

COMPANIES In 2023, leading companies such as LG Electronics (13), Samsung (8), and General Motors (4) were at the forefront of shipping Other Electrical Machinery from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Other Electrical Machinery exports accounted up to $119M and imports accounted up to $140M, resulting in a negative trade balance of $20.8M. Between October 2023 and October 2024 the exports of South Korea's   Other Electrical Machinery have increased by $5.36M (4.71%) from $114M to $119M, while imports decreased by $-9.99M (-6.66%) from $150M to $140M.

Destinations In October 2024, Other Electrical Machinery were exported mostly to United States ($36.4M), China ($19.3M), Vietnam ($15M), Japan ($9.95M), and Hong Kong ($7.84M), and were imported mostly from China ($48.2M), Japan ($29.9M), United States ($21.4M), Malaysia ($12.9M), and Vietnam ($5.71M).

Growth In October 2024, the increase in Other Electrical Machinery's year-by-year exports was explained primarily by an increase in exports to Hungary ($9.53M or 44.8%), Indonesia ($3.6M or 471%), and Malaysia ($3.53M or 66.9%). In October 2024, the decrease in Other Electrical Machinery's year-by-year imports was explained primarily by a decrease in imports from Russia ($-1.91M or -96.6%), Israel ($-753k or -39.1%), and Malaysia ($-718k or -7.04%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$5.36M(4.71%)
IMPORT GROWTH (October 2023 - October 2024)$-9.99M(-6.66%)
MAIN DESTINATION (October 2024)United States$36.4M

This section shows Other Electrical Machinery'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 Other Electrical Machinery over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$1.63B
IMPORTS (2022)$1.54B
NET TRADE (2022)$91.9M

In 2022, South Korea exported $1.63B in Other Electrical Machinery. The main destinations of South Korea exports on Other Electrical Machinery were China ($413M), United States ($332M), Vietnam ($153M), Japan ($141M), and Hungary ($53.4M).

In 2022, South Korea imported $1.54B in Other Electrical Machinery, mainly from China ($648M), Japan ($248M), United States ($241M), Vietnam ($87.6M), and Germany ($71.9M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Other Electrical Machinery EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$77.7M (30.5%)
Vietnam$40.7M (36.1%)
Indonesia$12.8M (152%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Other Electrical Machinery BY South Korea WERE (2021 - 2022):
China-$55.4M (-11.8%)
Hong Kong-$28M (-38.5%)
Hungary-$17.3M (-24.5%)
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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 Other Electrical Machinery were:
China $27.5B
Germany $4.81B
United States $4.57B
In 2022, South Korea's main importing competitors in Other Electrical Machinery were:
United States $18.2B
China $4.55B
Germany $3.76B

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Trade Value of Other Electrical Machinery by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $105M
TOP IMPORT POTENTIALChina+ $198M

Other Electrical Machinery’s highest export potential is China. With an export gap of $105M.   Other Electrical Machinery’s highest import potential is China with an import gap of $198M.

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