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2022
Exports $8.32MWorld Rnk 51 / 153
Flag Rnk 756 / 1204
2022
Destination $1.72M Mexico
2021 - 2022
FASTEST GROWING MARKET $1.72MMexico
2022
PRODUCT COMPLEXITY IN Other Vegetable Oils-1.26Rnk 899 / 1025
2022
Imports $164MWorld Rnk 8 / 214
Flag Rnk 407 / 1213
2022
Origin $30.4M Malaysia
2021 - 2022
FASTEST GROWING ORIGIN $30.4MIndonesia
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $8.32M in Other Vegetable Oils, making it the 51st largest exporter of Other Vegetable Oils in the world. At the same year, Other Vegetable Oils was the 756th most exported product in South Korea. The main destination of Other Vegetable Oils exports from South Korea are: Mexico ($5.34M), Egypt ($824k), United States ($275k), Indonesia ($271k), and Japan ($252k).

The fastest growing export markets for Other Vegetable Oils of South Korea between 2021 and 2022 were Mexico ($1.72M), United Kingdom ($166k), and Japan ($156k).

Imports In 2022, South Korea imported $164M in Other Vegetable Oils, becoming the 8th largest importer of Other Vegetable Oils in the world. At the same year, Other Vegetable Oils was the 407th most imported product in South Korea. South Korea imports Other Vegetable Oils primarily from: Malaysia ($76.9M), Indonesia ($48.8M), United States ($7.06M), France ($6.2M), and Chile ($5.8M).

The fastest growing import markets in Other Vegetable Oils for South Korea between 2021 and 2022 were Indonesia ($30.4M), Norway ($3.26M), and France ($3.14M).

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Other Vegetable Oils exports accounted up to $230k and imports accounted up to $7.57M, resulting in a negative trade balance of $7.34M. Between July 2023 and July 2024 the exports of South Korea's   Other Vegetable Oils have increased by $143k (164%) from $87k to $230k, while imports increased by $2.01M (36.2%) from $5.56M to $7.57M.

Destinations In July 2024, Other Vegetable Oils were exported mostly to Indonesia ($61k), Thailand ($42k), Vietnam ($35k), United States ($30k), and Japan ($19k), and were imported mostly from Canada ($2.65M), Indonesia ($1.6M), Malaysia ($975k), China ($433k), and United States ($366k).

Growth In July 2024, the increase in Other Vegetable Oils's year-by-year exports was explained primarily by an increase in exports to Mexico ($500k or 25k%) and Thailand ($6k or 600%). In July 2024, the increase in Other Vegetable Oils's year-by-year imports was explained primarily by an increase in imports from Malaysia ($1M or 89.7%), China ($629k or 393%), and Spain ($453k or 146%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$143k(164%)
IMPORT GROWTH (July 2023 - July 2024)$2.01M(36.2%)
MAIN DESTINATION (July 2024)Indonesia$61k

This section shows Other Vegetable Oils'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 Vegetable Oils over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$8.32M
IMPORTS (2022)$164M
NET TRADE (2022)-$155M

In 2022, South Korea exported $8.32M in Other Vegetable Oils. The main destinations of South Korea exports on Other Vegetable Oils were Mexico ($5.34M), Egypt ($824k), United States ($275k), Indonesia ($271k), and Japan ($252k).

In 2022, South Korea imported $164M in Other Vegetable Oils, mainly from Malaysia ($76.9M), Indonesia ($48.8M), United States ($7.06M), France ($6.2M), and Chile ($5.8M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Other Vegetable Oils EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Mexico$1.72M (47.7%)
United Kingdom$166k (1%)
Japan$156k (161%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Other Vegetable Oils BY South Korea WERE (2021 - 2022):
Egypt-$1.95M (-70.3%)
United Arab Emirates-$933k (-99.8%)
Philippines-$872k (-98.6%)
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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 Vegetable Oils were:
Malaysia $1.66B
Indonesia $1.52B
Netherlands $424M
In 2022, South Korea's main importing competitors in Other Vegetable Oils were:
China $786M
Netherlands $515M
United States $325M

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Trade Value of Other Vegetable Oils by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $456k
TOP IMPORT POTENTIALMalaysia+ $2.44M

Other Vegetable Oils’s highest export potential is China. With an export gap of $456k.   Other Vegetable Oils’s highest import potential is Malaysia with an import gap of $2.44M.

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