South Korea2021 Economic Complexity Trade : 1.82, Rank 4 of 131
2021 Economic Complexity Technology : 0.73, Rank 32 of 96
2021 Economic Complexity Research : 0.31, Rank 42 of 140
2021 Product Exports | Imports: $653B | $578B, 5 of 226 | 9 of 226
2021 Per Capita Product Exports | Imports: $12.6k | $11.2k, 64 of 219 | 59 of 219
Overview In 2021, South Korea was the number 10 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 9 in total imports, the number 28 economy in terms of GDP per capita (current US$) and the number 4 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of South Korea are Integrated Circuits ($116B), Cars ($44.7B), Refined Petroleum ($36.4B), Motor vehicles; parts and accessories (8701 to 8705) ($19.3B), and Office Machine Parts ($18B), exporting mostly to China ($158B), United States ($95.9B), Vietnam ($56.5B), Hong Kong ($38.2B), and Japan ($30.1B).
In 2021, South Korea was the world's biggest exporter of Passenger and Cargo Ships ($17.7B), Blank Audio Media ($10.8B), Cyclic Hydrocarbons ($8.62B), Special Purpose Ships ($4.92B), and Styrene Polymers ($4.65B)
Imports The top imports of South Korea are Crude Petroleum ($60.6B), Integrated Circuits ($47.4B), Petroleum Gas ($24.5B), Refined Petroleum ($24.3B), and Photo Lab Equipment ($16.6B), importing mostly from China ($140B), United States ($66.4B), Japan ($51.1B), Australia ($29.4B), and Vietnam ($22.6B).
In 2021, South Korea was the world's biggest importer of Inorganic Salts ($1.06B), Nitrile Compounds ($793M), Molybdenum Ore ($743M), Starch Residue ($562M), and Furskin Apparel ($287M)
Location South Korea borders North Korea by land and China and Japan by sea.
April, 2023
Overview In April 2023 South Korea exported $49.4B and imported $52.2B, resulting in a negative trade balance of $2.8B. Between April 2022 and April 2023 the exports of South Korea have decreased by $-8.57B (-14.8%) from $58B to $49.4B, while imports decreased by $-8.32B (-13.7%) from $60.5B to $52.2B.
Trade In April 2023, the top exports of South Korea were Electrical machinery and electronics ($11.9B), Cars, tractors, trucks & parts thereof. ($7.91B), Machinery, mechanical appliances, & parts ($5.66B), Mineral fuels, mineral oils and products... ($3.89B), and Plastics & articles thereof ($2.95B). In April 2023 the top imports of South Korea were Mineral fuels, mineral oils and products... ($12.5B), Electrical machinery and electronics ($8.97B), Machinery, mechanical appliances, & parts ($6.13B), Inorganic chemicals ($2.19B), and Cars, tractors, trucks & parts thereof. ($2.07B).
Destinations In April 2023, South Korea exported mostly to China ($9.5B), United States ($9.16B), Vietnam ($3.81B), Japan ($2.07B), and Singapore ($1.57B), and imported mostly from China ($11.8B), United States ($5.52B), Japan ($4.03B), Saudi Arabia ($2.87B), and Australia ($2.52B).
Growth In April 2023, the decrease in South Korea's year-by-year exports was explained primarily by an decrease in exports to China ($-3.55B or -27.2%), Vietnam ($-1.62B or -29.8%), and Hong Kong ($-847M or -36.5%), and product exports decrease in Electrical machinery and electronics ($-6.2B or -34.3%), Mineral fuels, mineral oils and products... ($-1.37B or -26.1%), and Plastics & articles thereof ($-872M or -22.8%). In April 2023, the decrease in South Korea's year-by-year imports was explained primarily by an decrease in imports from United States ($-1.1B or -16.6%), Russia ($-866M or -51.5%), and Japan ($-855M or -17.5%), and product imports decrease in Mineral fuels, mineral oils and products... ($-4.88B or -28%), Electrical machinery and electronics ($-1.64B or -15.5%), and Ores, slag and ash ($-516M or -24.9%).
EXPORT GROWTH (April 2022 - April 2023): $-8.57B, (-14.8%)
IMPORT GROWTH (April 2022 - April 2023): $-8.32B, (-13.7%)
MAIN DESTINATION (April 2023): China, $9.5B
This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of South Korea over time.
For full datasets download visit Bulk Download page.
Top Export (2021): Integrated Circuits, $116B
Top Destination (2021): China, $158B
In 2021, South Korea exported a total of $653B, making it the number 5 exporter in the world. During the last five reported years the exports of South Korea have changed by $148B from $505B in 2016 to $653B in 2021.
The most recent exports are led by Integrated Circuits ($116B), Cars ($44.7B), Refined Petroleum ($36.4B), Motor vehicles; parts and accessories (8701 to 8705) ($19.3B), and Office Machine Parts ($18B). The most common destination for the exports of South Korea are China ($158B), United States ($95.9B), Vietnam ($56.5B), Hong Kong ($38.2B), and Japan ($30.1B).
Fastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
South Korea Exports Services (2018): $96.3B
South Korea Imports Services (2018): $118B
In 2018, South Korea exported $96.3B worth of services. The top services exported by South Korea in 2018 were Transportation ($27.7B), Other business services ($21.7B), Travel ($15.3B), Construction services ($12.7B), and Royalties and license fees ($7.75B).
The top services imported by South Korea in 2018 were Other business services ($32.9B), Transportation ($32.1B), Travel ($32B), Royalties and license fees ($9.88B), and Construction services ($3.27B).
South Korea has a high level of specialization in Oxometallic or Peroxometallic Acid Salts (12.2), Halides (8.19), Passenger and Cargo Ships (7.71), Cast or Rolled Glass (7.49), and Special Purpose Ships (6.7). Specialization is measured using RCA, an index that takes the ratio between South Korea observed and expected exports in each product.
The highest complexity exports of South Korea according to the product complexity index (PCI) are Photographic plates and film; exposed and developed, other than cinematographic film (2.38), Machining centres, unit construction machines (single station) and multi-station transfer machines for... (2.18), Photographic (including cinematographic) laboratory apparatus and equipment, n.e.c. in chapter 90; negatoscopes;... (2.07), Chemical preparations for photographic uses (other than varnishes, glues, adhesives and similar... (2.02), and Chemical elements doped for use in electronics, in the form of discs,... (1.94). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for South Korea according to the relatedness index, were Incomplete Movement Sets (0.29), Watch Movements (0.29), Mirrors and Lenses (0.28), Signaling Glassware (0.28), and Sulfur (0.28). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that South Korea is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years South Korea's economy has become relatively more complex, moving from the 32nd to the 4th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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