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2022
Exports $1.3BWorld Rnk 18 / 167
Flag Rnk 83 / 1204
2022
Destination $223M United States
2021 - 2022
FASTEST GROWING MARKET $223MUnited States
2022
PRODUCT COMPLEXITY IN Tractors0.95Rnk 194 / 1025
2022
Imports $408MWorld Rnk 34 / 215
Flag Rnk 221 / 1213
2022
Origin $20.5M Germany
2021 - 2022
FASTEST GROWING ORIGIN $20.5MSpain
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $1.3B in Tractors, making it the 18th largest exporter of Tractors in the world. At the same year, Tractors was the 83rd most exported product in South Korea. The main destination of Tractors exports from South Korea are: United States ($1.01B), Canada ($50.8M), Australia ($41.7M), Netherlands ($19.3M), and Germany ($14.9M).

The fastest growing export markets for Tractors of South Korea between 2021 and 2022 were United States ($223M), Saudi Arabia ($8.38M), and Belgium ($8.01M).

Imports In 2022, South Korea imported $408M in Tractors, becoming the 34th largest importer of Tractors in the world. At the same year, Tractors was the 221st most imported product in South Korea. South Korea imports Tractors primarily from: Germany ($110M), Japan ($70M), Sweden ($68.6M), France ($50.5M), and Spain ($34.7M).

The fastest growing import markets in Tractors for South Korea between 2021 and 2022 were Spain ($20.5M), Germany ($19.9M), and France ($16M).

COMPANIES In 2023, leading companies such as CNH Industrial (214) and LG Electronics (1) were at the forefront of shipping Tractors from South Korea to the United States.

Latest Trends

September 2024

About

Overview In September 2024 South Korea's Tractors exports accounted up to $60.3M and imports accounted up to $17.7M, resulting in a positive trade balance of $42.6M. Between September 2023 and September 2024 the exports of South Korea's   Tractors have decreased by $-4.47M (-6.9%) from $64.8M to $60.3M, while imports decreased by $-13.7M (-43.7%) from $31.5M to $17.7M.

Destinations In September 2024, Tractors were exported mostly to United States ($47.2M), Netherlands ($2.02M), Australia ($1.16M), Mexico ($1M), and Portugal ($989k), and were imported mostly from Germany ($6.95M), Sweden ($4.88M), Japan ($4.33M), United Kingdom ($662k), and France ($521k).

Growth In September 2024, the decrease in Tractors's year-by-year exports was explained primarily by a decrease in exports to United States ($-32.7M or -32.9%), Canada ($-3.64M or -45.8%), and Germany ($-1.57M or -54.4%). In September 2024, the decrease in Tractors's year-by-year imports was explained primarily by a decrease in imports from Netherlands ($-3.07M or -80.5%), Sweden ($-1.61M or -31.6%), and China ($-1.51M or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (September 2023 - September 2024)$-4.47M(-6.9%)
IMPORT GROWTH (September 2023 - September 2024)$-13.7M(-43.7%)
MAIN DESTINATION (September 2024)United States$47.2M

This section shows Tractors'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 Tractors over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$1.3B
IMPORTS (2022)$408M
NET TRADE (2022)$889M

In 2022, South Korea exported $1.3B in Tractors. The main destinations of South Korea exports on Tractors were United States ($1.01B), Canada ($50.8M), Australia ($41.7M), Netherlands ($19.3M), and Germany ($14.9M).

In 2022, South Korea imported $408M in Tractors, mainly from Germany ($110M), Japan ($70M), Sweden ($68.6M), France ($50.5M), and Spain ($34.7M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Tractors EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$223M (28.2%)
Saudi Arabia$8.38M (476%)
Belgium$8.01M (215%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Tractors BY South Korea WERE (2021 - 2022):
Vietnam-$35M (-82.9%)
Iran-$15.6M (-100%)
South Africa-$6.73M (-86%)
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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 Tractors were:
Germany $11.1B
Netherlands $6.32B
United States $5.65B
In 2022, South Korea's main importing competitors in Tractors were:
United States $8.01B
Canada $4.59B
France $4.06B

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Trade Value of Tractors by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALCanada+ $21.8M
TOP IMPORT POTENTIALGermany+ $18.7M

Tractors’s highest export potential is Canada. With an export gap of $21.8M.   Tractors’s highest import potential is Germany with an import gap of $18.7M.

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