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2023
Exports $19.8MWorld Rnk 26 / 113
Flag Rnk 606 / 1188
2023
Destination $1.51M Japan
2022 - 2023
FASTEST GROWING MARKET $1.51MJapan
2023
PRODUCT COMPLEXITY IN Whey and other milk products0.4Rnk 412 / 1025
2023
Imports $178MWorld Rnk 6 / 203
Flag Rnk 347 / 1208
2023
Origin $1.77M Netherlands
2022 - 2023
FASTEST GROWING ORIGIN $1.77MNew Zealand
2023
ECONOMIC COMPLEXITY of South Korea1.85Rnk 4 / 132

About

Exports In 2023, South Korea exported $19.8M in Whey and other milk products, making it the 26th largest exporter of Whey and other milk products in the world. At the same year, Whey and other milk products was the 606th most exported product in South Korea. The main destination of Whey and other milk products exports from South Korea are: Japan ($18.3M), Netherlands ($892k), Singapore ($498k), United States ($103k), and New Zealand ($17.7k).

The fastest growing export markets for Whey and other milk products of South Korea between 2022 and 2023 were Japan ($1.51M), Netherlands ($892k), and United States ($65.6k).

Imports In 2023, South Korea imported $178M in Whey and other milk products, becoming the 6th largest importer of Whey and other milk products in the world. At the same year, Whey and other milk products was the 347th most imported product in South Korea. South Korea imports Whey and other milk products primarily from: Netherlands ($123M), United States ($13.5M), New Zealand ($9.71M), Germany ($9.61M), and France ($3.99M).

The fastest growing import markets in Whey and other milk products for South Korea between 2022 and 2023 were New Zealand ($1.77M), Austria ($913k), and Malaysia ($643k).

COMPANIES In 2024, leading companies such as LG Electronics (1) were at the forefront of shipping Whey and other milk products from South Korea to the United States.

Latest Trends

December 2024

About

Overview In December 2024 South Korea's Whey and other milk products exports accounted up to $1.11M and imports accounted up to $13M, resulting in a negative trade balance of $11.9M. Between December 2023 and December 2024 the exports of South Korea's   Whey and other milk products have increased by $446k (67.1%) from $665k to $1.11M, while imports decreased by $-3.01M (-18.8%) from $16M to $13M.

Destinations In December 2024, Whey and other milk products were exported mostly to Japan ($1.11M), United States ($5k), Chinese Taipei ($1k), India ($0), and Malaysia ($0), and were imported mostly from Netherlands ($8.2M), United States ($1.64M), New Zealand ($671k), Germany ($388k), and Singapore ($343k).

Growth In December 2024, the increase in Whey and other milk products's year-by-year exports was explained primarily by an increase in exports to . In December 2024, the decrease in Whey and other milk products's year-by-year imports was explained primarily by a decrease in imports from Netherlands ($-13.9M or -66.7%), Germany ($-714k or -48.2%), and Finland ($-357k or -88.4%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$446k(67.1%)
IMPORT GROWTH (December 2023 - December 2024)$-3.01M(-18.8%)
MAIN DESTINATION (December 2024)Japan$1.11M

This section shows Whey and other milk products'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 Whey and other milk products over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$19.8M
IMPORTS (2023)$178M
NET TRADE (2023)-$158M

In 2023, South Korea exported $19.8M in Whey and other milk products. The main destinations of South Korea exports on Whey and other milk products were Japan ($18.3M), Netherlands ($892k), Singapore ($498k), United States ($103k), and New Zealand ($17.7k).

In 2023, South Korea imported $178M in Whey and other milk products, mainly from Netherlands ($123M), United States ($13.5M), New Zealand ($9.71M), Germany ($9.61M), and France ($3.99M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Whey and other milk products EXPORT MARKETS FOR South Korea WERE (2022 - 2023):
Japan$1.51M (9.01%)
Netherlands$892k (1%)
United States$65.6k (176%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Whey and other milk products BY South Korea WERE (2022 - 2023):
China-$638k (-100%)
Vietnam-$139k (-100%)
Singapore-$137k (-21.6%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, South Korea's main exporting competitors in Whey and other milk products were:
United States $775M
Germany $720M
New Zealand $569M
In 2023, South Korea's main importing competitors in Whey and other milk products were:
China $817M
Netherlands $487M
United States $403M

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Trade Value of Whey and other milk products by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $320k
TOP IMPORT POTENTIALGermany+ $3.88M

Whey and other milk products’s highest export potential is China. With an export gap of $320k.   Whey and other milk products’s highest import potential is Germany with an import gap of $3.88M.

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