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2022
Exports $317MWorld Rnk 32 / 212
Flag Rnk 209 / 1204
2022
Destination $13.7M India
2021 - 2022
FASTEST GROWING MARKET $13.7MJapan
2022
PRODUCT COMPLEXITY IN Scrap Iron-0.59Rnk 720 / 1025
2022
Imports $2.64BWorld Rnk 4 / 187
Flag Rnk 32 / 1213
2022
Origin $51.3M Japan
2021 - 2022
FASTEST GROWING ORIGIN $51.3MAustralia
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $317M in Scrap Iron, making it the 32nd largest exporter of Scrap Iron in the world. At the same year, Scrap Iron was the 209th most exported product in South Korea. The main destination of Scrap Iron exports from South Korea are: India ($113M), Japan ($85.2M), China ($63.9M), Chinese Taipei ($26.7M), and Thailand ($14.6M).

The fastest growing export markets for Scrap Iron of South Korea between 2021 and 2022 were Japan ($13.7M), China ($8.55M), and Chinese Taipei ($6.44M).

Imports In 2022, South Korea imported $2.64B in Scrap Iron, becoming the 4th largest importer of Scrap Iron in the world. At the same year, Scrap Iron was the 32nd most imported product in South Korea. South Korea imports Scrap Iron primarily from: Japan ($1.69B), United States ($291M), Russia ($148M), Thailand ($143M), and Chinese Taipei ($94.3M).

The fastest growing import markets in Scrap Iron for South Korea between 2021 and 2022 were Australia ($51.3M), Philippines ($21.5M), and Vietnam ($8.82M).

COMPANIES In 2023, leading companies such as SIGMA Corp (15), General Motors (7), and At Home Procurement (6) were at the forefront of shipping Scrap Iron from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Scrap Iron exports accounted up to $27.5M and imports accounted up to $72.7M, resulting in a negative trade balance of $45.2M. Between October 2023 and October 2024 the exports of South Korea's   Scrap Iron have increased by $385k (1.42%) from $27.1M to $27.5M, while imports decreased by $-69.4M (-48.8%) from $142M to $72.7M.

Destinations In October 2024, Scrap Iron were exported mostly to India ($18.1M), Japan ($3.35M), China ($2.12M), Thailand ($1.09M), and Chinese Taipei ($1.08M), and were imported mostly from Japan ($37.6M), Thailand ($7.98M), Russia ($7.22M), Chinese Taipei ($6.57M), and United States ($6.47M).

Growth In October 2024, the increase in Scrap Iron's year-by-year exports was explained primarily by an increase in exports to China ($1.71M or 69.4%), India ($1.46M or 31.2%), and Malaysia ($475k or 173%). In October 2024, the decrease in Scrap Iron's year-by-year imports was explained primarily by a decrease in imports from United States ($-19.3M or -69.9%), Chinese Taipei ($-16.2M or -99%), and Australia ($-14.1M or -95.4%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$385k(1.42%)
IMPORT GROWTH (October 2023 - October 2024)$-69.4M(-48.8%)
MAIN DESTINATION (October 2024)India$18.1M

This section shows Scrap Iron'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 Scrap Iron over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$317M
IMPORTS (2022)$2.64B
NET TRADE (2022)-$2.33B

In 2022, South Korea exported $317M in Scrap Iron. The main destinations of South Korea exports on Scrap Iron were India ($113M), Japan ($85.2M), China ($63.9M), Chinese Taipei ($26.7M), and Thailand ($14.6M).

In 2022, South Korea imported $2.64B in Scrap Iron, mainly from Japan ($1.69B), United States ($291M), Russia ($148M), Thailand ($143M), and Chinese Taipei ($94.3M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Scrap Iron EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Japan$13.7M (19.2%)
China$8.55M (15.4%)
Chinese Taipei$6.44M (31.7%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Scrap Iron BY South Korea WERE (2021 - 2022):
India-$62M (-35.5%)
Malaysia-$3.23M (-53%)
Indonesia-$2.84M (-82%)
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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 Scrap Iron were:
United States $7.92B
Germany $5.21B
United Kingdom $3.91B
In 2022, South Korea's main importing competitors in Scrap Iron were:
Turkey $8.77B
India $5.65B
Belgium $2.84B

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Trade Value of Scrap Iron by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $17.2M
TOP IMPORT POTENTIALUnited States+ $21.1M

Scrap Iron’s highest export potential is India. With an export gap of $17.2M.   Scrap Iron’s highest import potential is United States with an import gap of $21.1M.

See methodology.

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