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2022
Exports $21.3MWorld Rnk 31 / 117
Flag Rnk 638 / 1204
2022
Destination $5.38M Japan
2021 - 2022
FASTEST GROWING MARKET $5.38MJapan
2022
PRODUCT COMPLEXITY IN Whey and other milk products0.4Rnk 408 / 1025
2022
Imports $261MWorld Rnk 5 / 198
Flag Rnk 298 / 1213
2022
Origin $42.7M Netherlands
2021 - 2022
FASTEST GROWING ORIGIN $42.7MNetherlands
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $21.3M in Whey and other milk products, making it the 31st largest exporter of Whey and other milk products in the world. At the same year, Whey and other milk products was the 638th most exported product in South Korea. The main destination of Whey and other milk products exports from South Korea are: Japan ($20.4M), Singapore ($598k), Vietnam ($126k), China ($62.3k), and United States ($37.2k).

The fastest growing export markets for Whey and other milk products of South Korea between 2021 and 2022 were Japan ($5.38M), Singapore ($488k), and United States ($37.2k).

Imports In 2022, South Korea imported $261M in Whey and other milk products, becoming the 5th largest importer of Whey and other milk products in the world. At the same year, Whey and other milk products was the 298th most imported product in South Korea. South Korea imports Whey and other milk products primarily from: Netherlands ($175M), United States ($23.7M), Germany ($13.3M), New Zealand ($11.7M), and Canada ($6.72M).

The fastest growing import markets in Whey and other milk products for South Korea between 2021 and 2022 were Netherlands ($42.7M), New Zealand ($9.54M), and Singapore ($2.85M).

COMPANIES In 2023, leading companies such as LG Electronics (3) and Tesla (2) were at the forefront of shipping Whey and other milk products from South Korea to the United States.

Latest Trends

November 2024

About

Overview In November 2024 South Korea's Whey and other milk products exports accounted up to $1.04M and imports accounted up to $10.6M, resulting in a negative trade balance of $9.53M. Between November 2023 and November 2024 the exports of South Korea's   Whey and other milk products have decreased by $-748k (-41.8%) from $1.79M to $1.04M, while imports decreased by $-5.37M (-33.7%) from $15.9M to $10.6M.

Destinations In November 2024, Whey and other milk products were exported mostly to Japan ($1.04M), Hong Kong ($0), Malaysia ($0), Singapore ($0), and Turkey ($0), and were imported mostly from Netherlands ($5.88M), United States ($1.49M), Singapore ($1.01M), Germany ($586k), and France ($478k).

Growth In November 2024, the decrease in Whey and other milk products's year-by-year exports was explained primarily by a decrease in exports to . In November 2024, the decrease in Whey and other milk products's year-by-year imports was explained primarily by a decrease in imports from France ($-193k or -57.8%), Poland ($-190k or -77.9%), and United States ($-127k or -12.6%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$-748k(-41.8%)
IMPORT GROWTH (November 2023 - November 2024)$-5.37M(-33.7%)
MAIN DESTINATION (November 2024)Japan$1.04M

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 (2022)$21.3M
IMPORTS (2022)$261M
NET TRADE (2022)-$240M

In 2022, South Korea exported $21.3M in Whey and other milk products. The main destinations of South Korea exports on Whey and other milk products were Japan ($20.4M), Singapore ($598k), Vietnam ($126k), China ($62.3k), and United States ($37.2k).

In 2022, South Korea imported $261M in Whey and other milk products, mainly from Netherlands ($175M), United States ($23.7M), Germany ($13.3M), New Zealand ($11.7M), and Canada ($6.72M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Whey and other milk products EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Japan$5.38M (35.8%)
Singapore$488k (444%)
United States$37.2k (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Whey and other milk products BY South Korea WERE (2021 - 2022):
Vietnam-$175k (-58%)
China-$93.3k (-59.9%)
Thailand-$11.1k (-79.5%)
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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 Whey and other milk products were:
United States $1.06B
Germany $786M
Netherlands $654M
In 2022, South Korea's main importing competitors in Whey and other milk products were:
China $1.01B
Netherlands $656M
Germany $366M

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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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