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Pricing

2022
Flag → Flag
Exports $18.7BRnk 9 / 220
2022
Flag → Flag
Top Product $10.5BRefined Petroleum
2022
Flag → Flag
Exports $41BRnk 3 / 213
2022
Flag → Flag
Top Product $13.3BPetroleum Gas
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI -0.24Rnk 78 / 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$1.68TCURRENT US$
Rnk 12 / 186
2012-2022
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GDP GROWTH8.3%CURRENT US$
Rnk 148 / 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$64,491CURRENT US$
Rnk 11 / 186
2012-2022
Flag
GDP PC GROWTH-5.23%CURRENT US$
Rnk 153 / 186

About

South Korea-Australia Trade: In 2022, South Korea exported $18.7B to Australia. The main products that South Korea exported to Australia were Refined Petroleum ($10.5B), Cars ($3.15B), and Vaccines, blood, antisera, toxins and cultures ($472M). Over the past 5 years the exports of South Korea to Australia have decreased at an annualized rate of 0.99%, from $19.6B in 2017 to $18.7B in 2022.

In 2005, South Korea exported services to Australia worth $488M, with Transportation ($252M), Travel ($111M), and Other business services ($79.8M) being the largest in terms of value.

Australia-South Korea Trade: In 2022, Australia exported $41B to South Korea. The main products that Australia exported to South Korea were Petroleum Gas ($13.3B), Coal Briquettes ($11.5B), and Iron Ore ($5.15B). Over the past 5 years the exports of Australia to South Korea have increased at an annualized rate of 18.4%,  from $17.6B in 2017 to $41B in 2022.

In 2009, Australia exported services to South Korea worth $1.45B, with Travel ($1.35B), Transportation ($53M), and Other business services ($11.9M) 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, Australia ranked 78 in the Economic Complexity Index (ECI -0.24), and 16 in total exports ($424B).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $1.39B and imported $1.88B from Australia, resulting in a negative trade balance of $493M. Between July 2023 and July 2024 the exports of South Korea have decreased by $-90.3M (-6.11%) from $1.48B to $1.39B, while imports decreased by $-186M (-8.99%) from $2.06B to $1.88B.

Trade In July 2024, the top exports of South Korea to Australia were Mineral fuels, mineral oils and products... ($684M), Cars, tractors, trucks & parts thereof. ($339M), Machinery, mechanical appliances, & parts ($36.3M), Electrical machinery and electronics ($27.6M), and Railway and trams ($26.7M). In July 2024 the top imports of South Korea from Australia were Mineral fuels, mineral oils and products... ($2.85B), Ores, slag and ash ($594M), Meat & edible offal ($185M), Aluminum articles ($93M), and Precious stones, metals, & pearls ($73.4M).

Growth In July 2024, the decrease in South Korea's year-by-year exports to Australia was explained primarily by an decrease in product exports in Pharmaceutical products ($-98.9M or -99.7%), Iron & steel ($-49.5M or -65.1%), and Electrical machinery and electronics ($-23.9M or -46.4%). In July 2024, the decrease in South Korea's year-by-year imports  from Australia was explained primarily by an decrease in product imports  in Ores, slag and ash ($-104M or -14.9%), Precious stones, metals, & pearls ($-75.5M or -50.7%), and Meat & edible offal ($-36.4M or -16.5%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$-90.3M(-6.11%)
IMPORT GROWTH (July 2023 - July 2024)$-186M(-8.99%)

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 Australia and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Australia and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $18.7B to Australia. The main products exported from South Korea to Australia were Refined Petroleum ($10.5B), Cars ($3.15B), and Vaccines, blood, antisera, toxins and cultures ($472M). During the last 5 years the exports of South Korea to Australia have decreased at an annualized rate of 0.99%, from $19.6B in 2017 to $18.7B in 2022.

In 2017, Australia exported $41B to South Korea. The main products exported from Australia to South Korea were Petroleum Gas ($13.3B), Coal Briquettes ($11.5B), and Iron Ore ($5.15B). During the last 5 years the exports of Australia to South Korea have increased at an annualized rate of 18.4%, from $17.6B in 2022 to $41B in 2017.

Exports from South Korea (Flag) to Australia (Flag) (2022)

Exports from Australia (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Australia
Top DestinationChina$123B

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

In 2022, countries that imported more from South Korea than Australia included United States ($112B), Vietnam ($60.7B), and China ($150B).

In 2022, countries that imported more from Australia than South Korea included Japan ($80.1B), India ($31.5B), and New Zealand ($7.3B).

Difference in imports from Australia (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Australia

Flow
Scale

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

During 2022, South Korea had a large net trade with Australia in the exports of Mineral Products ($10.6B), Transportation ($3.88B), and Machines ($1.11B).

During 2017, Australia had a large net trade with South Korea in the exports of Mineral Products ($34.3B), Animal Products ($1.79B), and Metals ($1.7B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Australia+$58.8MMotor vehicles; parts and accessories (8701 to 8705)
Top Product Potential Australia South Korea+$170MCrude 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 Australia. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Australia. Similarly, a dot/product with the flag of Australia indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Australia (Flag) (2022)

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