Overview In January 2024 South Korea exported $54.3B and imported $54.3B, resulting in a negative trade balance of $46.8M. Between January 2023 and January 2024 the exports of South Korea have increased by $8.13B (17.6%) from $46.2B to $54.3B, while imports decreased by $-4.53B (-7.69%) from $58.9B to $54.3B.
Trade In January 2024, the top exports of South Korea were Electrical machinery and electronics ($15.1B), Cars, tractors, trucks & parts thereof. ($7.92B), Machinery, mechanical appliances, & parts ($6.05B), Mineral fuels, mineral oils and products... ($4.89B), and Plastics & articles thereof ($3.04B). In January 2024 the top imports of South Korea were Mineral fuels, mineral oils and products... ($15.7B), Electrical machinery and electronics ($10.1B), Machinery, mechanical appliances, & parts ($5.47B), Optical, photo, & film equipment; medical... ($1.78B), and Ores, slag and ash ($1.75B).
Destinations In January 2024, South Korea exported mostly to China ($10.7B), United States ($10.2B), Vietnam ($4.19B), Hong Kong ($2.68B), and Japan ($2.54B), and imported mostly from China ($12.4B), United States ($6.13B), Japan ($3.75B), Australia ($3.29B), and Saudi Arabia ($2.65B).
Growth In January 2024, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to United States ($2.18B or 27.1%), Hong Kong ($1.56B or 140%), and China ($1.48B or 16%), and product exports increase in Electrical machinery and electronics ($2.98B or 24.6%), Cars, tractors, trucks & parts thereof. ($1.37B or 20.9%), and Machinery, mechanical appliances, & parts ($1.26B or 26.3%). In January 2024, the decrease in South Korea's year-by-year imports was explained primarily by an decrease in imports from United States ($-826M or -11.9%), Australia ($-825M or -20%), and China ($-740M or -5.63%), and product imports decrease in Mineral fuels, mineral oils and products... ($-2.06B or -11.6%), Inorganic chemicals ($-1.02B or -46.6%), and Cars, tractors, trucks & parts thereof. ($-610M or -31.9%).
FAQs
Overview In 2022, South Korea was the number 13 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 10 in total imports, the number 33 economy in terms of GDP per capita (current US$) and the number 4 most complex economy according to the Economic Complexity Index (ECI) .
Who are South Korea's biggest trading partners? ›
South Korea is heavily integrated into international trade and finance and is subsequently highly vulnerable to external influences, especially from China, which is its main trade partner (22.8% of total exports in 2022), followed by the United States (16.1%), Vietnam (8.9%), Japan (4.5%) and Hong Kong (4%).
What are the top 3 imports of South Korea? ›
South Korean importers spent the most on the following 10 subcategories of mineral fuels-related products during 2022.
- Crude oil: US$106 billion (up 58.1% from 2021)
- Petroleum gases: $56.7 billion (up 84%)
- Coal, solid fuels made from coal: $28.2 billion (up 93.8%)
- Processed petroleum oils: $26.3 billion (up 11.9%)
South Korea is a developed country with a high-income economy and is the most industrialized member country of the OECD. South Korean brands such as LG Electronics and Samsung are internationally famous.
Why is South Korea's economy so strong? ›
South Korea relies upon exports to fuel the growth of its economy, with finished products such as electronics, textiles, ships, automobiles, and steel being some of its most important exports.
What is South Korea's economic system like? ›
South Korea has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. South Korea is a member of the Asia-Pacific Economic Cooperation (APEC) and the Asia-Pacific Trade Agreement (APTA).
What is South Korea's biggest import? ›
South Korea's mainly imports mineral fuels, mineral oils, bituminous substances (25 percent of total imports), electrical machinery and equipment (18 percent), nuclear reactors, boilers, machinery and mechanical (10 percent), optical, photographic, cinematographic, measuring (4 percent), road vehicles (3 percent), iron ...
Who is South Korea's largest importer? ›
CHINA. China holds a significant role as the largest import partner of the country in terms of goods imports and import share.
What is South Korea's largest export market? ›
China remains South Korea's largest overall trading partner. Policymakers in Beijing have been weighing various stimulus measures to prop up the country's economy, and the Conference Board anticipates more economic headwinds to come in 2024.
What is the most food imports of South Korea? ›
The U.S. is the top supplier of Korea's food and agricultural imports, totaling US$10.54 billion in 2022, an increase of 21% compared to the previous year. Other key suppliers were China, Australia, Brazil, and Vietnam.
In 2022, of $115.4 billion in U.S. imports from South Korea, the top commodity sectors were Machinery and Mechanical Appliances (39.3% of the total U.S imports from the country), Transportation Equipment (25.7% of such total) and Chemicals, Plastics, Rubber, and Leather Goods (13.6% of such total).
What is the major religion in South Korea? ›
Religion in South Korea is diverse. Most South Koreans have no religion. Christianity (Protestantism and Catholicism) and Buddhism are the dominant confessions among those who affiliate with a formal religion. Buddhism, which arrived in Korea in 372 AD, has thousands of temples built across the country.
What is South Korea's main source of income? ›
South Korea's economy has been growing rapidly since the 1980s with no signs of slowing down. The country boasts the 13th largest GDP in the world at more than $1.67 trillion in 2022. The economy is dominated by its services and industrial sectors, while agriculture makes up a very small portion of the economy.
Is South Korea capitalist or socialist? ›
South Korea is a strange country, where capitalism, socialism and communism blend and coexist. Our economic system is capitalist, our social structure is socialist, and our mindsets are communist. We adopt capitalism for our economic development, but strive for socialist welfare and demand equal distribution of wealth.
What are the weakness of South Korea? ›
Another important concern is the aging population, a structural threat to the South Korean economy: With the world's lowest fertility rate – 0.81 children per woman in 2021 – the median age of the population is rapidly rising, reaching 44.5 years in 2023, adding pressure on pensions and setting the stage for harsh ...
What is the economic inequality in South Korea? ›
Compared with other East Asian countries, South Korea has relatively lower levels of income inequality, mostly due to the fact that its national income growth was more equally distributed in the early stages of economic take-off in the 1980s. Yet, income inequality has worsened over the last three decades.
Is the economy in South Korea good or bad? ›
In Korea, the average household net-adjusted disposable income per capita is USD 24 590 a year, less than the OECD average of USD 30 490 a year. In terms of employment, about the same amount of people aged 15 to 64 in Korea have a paid job as the OECD employment average of 66%.
What are the most serious economic problems facing South Korea? ›
Further headwinds for the South Korean economy have come from higher inflation and interest rates (thus higher debt-servicing payments), which have weakened private consumption and investment; South Korean household debt levels are among the highest in the world.
Is South Korea economy doing well? ›
In 2023, South Korea's economy grew 1.4%, a three-year low after gains of 2.6% in 2022 and 4.3% in 2021. The economy is expected to grow 2.1% in 2024, according to the BOK. Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
