2023
Exports
$1.78BWorld Rnk 17 / 215
Flag Rnk 23 / 96
2023
PRODUCT COMPLEXITY IN Preparations of cereals, flour, starch or milk
-0.019Rnk 566 / 1025
2023
Imports
$797MWorld Rnk 28 / 226
Flag Rnk 58 / 96
2023
ECONOMIC COMPLEXITY of South Korea
1.85Rnk 4 / 132

About

Exports In 2023, South Korea exported $1.78B in Preparations of cereals, flour, starch or milk, making it the 17th largest exporter of Preparations of cereals, flour, starch or milk in the world. At the same year, Preparations of cereals, flour, starch or milk was the 23rd most exported product in South Korea. The main destination of Preparations of cereals, flour, starch or milk exports from South Korea are: United States ($468M), China ($354M), Japan ($161M), Chinese Taipei ($73.2M), and Australia ($70.8M).

The fastest growing export markets for Preparations of cereals, flour, starch or milk of South Korea between 2022 and 2023 were United States ($56.6M), China ($22.7M), and Netherlands ($20M).

Imports In 2023, South Korea imported $797M in Preparations of cereals, flour, starch or milk, becoming the 28th largest importer of Preparations of cereals, flour, starch or milk in the world. At the same year, Preparations of cereals, flour, starch or milk was the 58th most imported product in South Korea. South Korea imports Preparations of cereals, flour, starch or milk primarily from: China ($211M), United States ($69.7M), Italy ($66.3M), Malaysia ($60.1M), and Germany ($50.8M).

The fastest growing import markets in Preparations of cereals, flour, starch or milk for South Korea between 2022 and 2023 were Indonesia ($6.94M), Ireland ($4.85M), and Italy ($4.13M).

COMPANIES In 2024, leading companies such as CJ Foods (364), Walong Marketing (14), and Wismettac Asian Foods (14) were at the forefront of shipping Preparations of cereals, flour, starch or milk from South Korea to the United States.

Latest Trends

December 2024

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$47.1M(29.3%)
IMPORT GROWTH (December 2023 - December 2024)$10.9M(13%)
MAIN DESTINATION (December 2024)United States$57.4M

This section shows Preparations of cereals, flour, starch or milk'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 Preparations of cereals, flour, starch or milk over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$1.78B
IMPORTS (2023)$797M
NET TRADE (2023)$981M

In 2023, South Korea exported $1.78B in Preparations of cereals, flour, starch or milk. The main destinations of South Korea exports on Preparations of cereals, flour, starch or milk were United States ($468M), China ($354M), Japan ($161M), Chinese Taipei ($73.2M), and Australia ($70.8M).

In 2023, South Korea imported $797M in Preparations of cereals, flour, starch or milk, mainly from China ($211M), United States ($69.7M), Italy ($66.3M), Malaysia ($60.1M), and Germany ($50.8M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Preparations of cereals, flour, starch or milk EXPORT MARKETS FOR South Korea WERE (2022 - 2023):
United States$56.6M (13.7%)
China$22.7M (6.85%)
Netherlands$20M (48.1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Preparations of cereals, flour, starch or milk BY South Korea WERE (2022 - 2023):
Vietnam-$61.5M (-100%)
Japan-$25.2M (-13.6%)
Russia-$22.7M (-100%)

Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, South Korea's main exporting competitors in Preparations of cereals, flour, starch or milk were:
Italy $8.88B
Canada $6.73B
In 2023, South Korea's main importing competitors in Preparations of cereals, flour, starch or milk were:

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Trade Value of Preparations of cereals, flour, starch or milk by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $42.5M
TOP IMPORT POTENTIALItaly+ $19.2M

Preparations of cereals, flour, starch or milk’s highest export potential is China. With an export gap of $42.5M.   Preparations of cereals, flour, starch or milk’s highest import potential is Italy with an import gap of $19.2M.

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