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2022
Flag → Flag
Exports $112BRnk 2 / 220
2022
Flag → Flag
Top Product $22.5BCars
2022
Flag → Flag
Exports $73.6BRnk 6 / 219
2022
Flag → Flag
Top Product $13.2BCrude Petroleum
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 1.47Rnk 10 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$25.5TCURRENT US$
Rnk 1 / 186
2012-2022
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GDP GROWTH56.7%CURRENT US$
Rnk 45 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$76,399CURRENT US$
Rnk 8 / 186
2012-2022
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GDP PC GROWTH47.5%CURRENT US$
Rnk 39 / 186

About

South Korea-United States Trade: In 2022, South Korea exported $112B to United States. The main products that South Korea exported to United States were Cars ($22.5B), Office Machine Parts ($7.16B), and Motor vehicles; parts and accessories (8701 to 8705) ($6.84B). Over the past 5 years the exports of South Korea to United States have increased at an annualized rate of 9.88%, from $69.8B in 2017 to $112B in 2022.

In 2005, South Korea exported services to United States worth $11.3B, with Transportation ($5.54B), Other business services ($3.23B), and Government services, n.i.e. ($855M) being the largest in terms of value.

United States-South Korea Trade: In 2022, United States exported $73.6B to South Korea. The main products that United States exported to South Korea were Crude Petroleum ($13.2B), Petroleum Gas ($8.3B), and Machinery Having Individual Functions ($5.83B). Over the past 5 years the exports of United States to South Korea have increased at an annualized rate of 9.2%,  from $47.4B in 2017 to $73.6B in 2022.

In 2017, United States exported services to South Korea worth $24.3B, with Travel ($8.34B), Royalties and license fees ($5.77B), and Transportation ($4.01B) being the largest in terms of value.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, United States ranked 10 in the Economic Complexity Index (ECI 1.47), and 2 in total exports ($1.95T).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $10.2B and imported $7.91B from United States, resulting in a positive trade balance of $2.25B. Between July 2023 and July 2024 the exports of South Korea have increased by $884M (9.53%) from $9.28B to $10.2B, while imports increased by $2.6B (49.1%) from $5.31B to $7.91B.

Trade In July 2024, the top exports of South Korea to United States were Cars, tractors, trucks & parts thereof. ($2.62B), Electrical machinery and electronics ($1.42B), Machinery, mechanical appliances, & parts ($1.24B), Mineral fuels, mineral oils and products... ($481M), and Plastics & articles thereof ($286M). In July 2024 the top imports of South Korea from United States were Mineral fuels, mineral oils and products... ($2.66B), Machinery, mechanical appliances, & parts ($862M), Optical, photo, & film equipment; medical... ($486M), Electrical machinery and electronics ($484M), and Meat & edible offal ($303M).

Growth In July 2024, the increase in South Korea's year-by-year exports to United States was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($334M or 14.6%), Inorganic chemicals ($164M or 272%), and Art & antiques ($47M or 3.71k%). In July 2024, the increase in South Korea's year-by-year imports  from United States was explained primarily by an increase in product imports  in Optical, photo, & film equipment; medical... ($164M or 51.1%), Machinery, mechanical appliances, & parts ($161M or 22.9%), and Cars, tractors, trucks & parts thereof. ($150M or 109%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$884M(9.53%)
IMPORT GROWTH (July 2023 - July 2024)$2.6B(49.1%)

This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot or any product to explore the exports or imports behavior of South Korea over time.

To check United States and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore United States and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $112B to United States. The main products exported from South Korea to United States were Cars ($22.5B), Office Machine Parts ($7.16B), and Motor vehicles; parts and accessories (8701 to 8705) ($6.84B). During the last 5 years the exports of South Korea to United States have increased at an annualized rate of 9.88%, from $69.8B in 2017 to $112B in 2022.

In 2017, United States exported $73.6B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($13.2B), Petroleum Gas ($8.3B), and Machinery Having Individual Functions ($5.83B). During the last 5 years the exports of United States to South Korea have increased at an annualized rate of 9.2%, from $47.4B in 2022 to $73.6B in 2017.

Exports from South Korea (Flag) to United States (Flag) (2022)

Exports from United States (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
United States
Top DestinationCanada$308B

This map shows whether countries import more from South Korea or United States. Each country is colored based on the difference in imports they receive from South Korea and United States or the difference in the growth in imports.

In 2022, countries that imported more from South Korea than United States included Vietnam ($60.7B), Russia ($6.33B), and Mozambique ($4.59B).

In 2022, countries that imported more from United States than South Korea included Canada ($308B), Mexico ($294B), and United Kingdom ($75.4B).

Difference in imports from United States (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - United States

Flow
Scale

This chart compares trade between South Korea and United States by product, considering products traded by both, South Korea and United States.

During 2022, South Korea had a large net trade with United States in the exports of Machines ($42.2B), Transportation ($31.4B), and Metals ($9.27B).

During 2017, United States had a large net trade with South Korea in the exports of Mineral Products ($23.5B), Machines ($14.6B), and Chemical Products ($7.55B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea United States+$1.13BIntegrated Circuits
Top Product Potential United States South Korea+$707MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of South Korea and United States. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over United States. Similarly, a dot/product with the flag of United States indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and United States (Flag) (2022)

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