Trade Trend

In 2023, South Korea's total export value is 631.47Billion USD, total import value is 642.63Billion USD, Deficit is -11.16Billion USD, and foreign trade dependency is 0.744. In 2023，South Korea's top export products are Electronic integrated circuits(86.14Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(68.29Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(50.97Billion USD), top export destinations are China(124.53Billion USD), United States(115.59Billion USD), Vietnam(53.52Billion USD). In 2023, South Korea's top import products are Petroleum oils and oils obtained from bituminous minerals; crude(86.25Billion USD), Electronic integrated circuits(51.66Billion USD), Petroleum gases and other gaseous hydrocarbons(41.33Billion USD), top import origins are China(142.74Billion USD), United States(71.16Billion USD), Japan(47.65Billion USD).

Comparing to 2022, South Korea's total export value decreased -51.76Billion USD(-7.58%) in 2023, this could result from its export decreases of products such as Electronic integrated circuits(-26.71Billion USD or -23.67%), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-10.14Billion USD or -16.59%), Discs, tapes, solidstate nonvolatile storage devices, smart cards and other media for the recording of sound or of other phenomena, whether or not recorded, including matrices and masters for the production of discs, excluding products of Chapter 37(-8.32Billion USD or -58.21%) and export decreases to countries/economics such as China(-31.02Billion USD or -19.94%), Vietnam(-7.42Billion USD or -12.17%), Taiwan CN(-6.00Billion USD or -22.94%). Comparing to 2022, South Korea's total import value decreased -88.15Billion USD(-12.06%) in 2023, this could result from its import decreases of products such as Petroleum oils and oils obtained from bituminous minerals; crude(-19.19Billion USD or -18.20%), Petroleum gases and other gaseous hydrocarbons(-15.68Billion USD or -27.50%), Electronic integrated circuits(-10.72Billion USD or -17.18%), and its import decreases from countries/economies such as Australia(-12.05Billion USD or -26.81%), China(-11.68Billion USD or -7.57%), United States(-10.70Billion USD or -13.07%).

Cumulated to first 7 months of 2024, South Korea's total export value is 276.82Billion USD, total import value is 262.36Billion USD, and tradesurplus is 14.46Billion USD. Cumulated to first 7 months of 2024, South Korea's top export products are Electronic integrated circuits(44.84Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(29.68Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(22.35Billion USD), and top export destinations are United States(53.18Billion USD), China(52.64Billion USD), Vietnam(22.99Billion USD). Cumulated to first 7 months of 2024, South Korea's top import products are Electronic integrated circuits(44.84Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(29.68Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(22.35Billion USD), and top import origins areChina(57.87Billion USD), United States(30.04Billion USD), Japan(19.43Billion USD).