South Korea (KOR) and Austria (AUT) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and Austria (AUT) Trade

2022

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Exports $1.53BRnk 46 / 220

2022

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About

South Korea-Austria Trade: In 2022, South Korea exported $1.53B to Austria. The main products that South Korea exported to Austria were Broadcasting Equipment ($509M), Cars ($148M), and Blank Audio Media ($139M). Over the past 5 years the exports of South Korea to Austria have increased at an annualized rate of 8.46%, from $1.02B in 2017 to $1.53B in 2022.

In 2022, South Korea did not export any services to Austria.

Austria-South Korea Trade: In 2022, Austria exported $1.79B to South Korea. The main products that Austria exported to South Korea were Cars ($562M), Machinery Having Individual Functions ($120M), and Pig Meat ($109M). Over the past 5 years the exports of Austria to South Korea have increased at an annualized rate of 2.87%, from $1.51B in 2017 to $1.79B in 2022.

In 2020, Austria exported services to South Korea worth $164M, with Other business services ($89.1M), Transportation ($30.8M), and Travel ($14.8M) 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, Austria ranked 8 in the Economic Complexity Index (ECI 1.5), and 32 in total exports ($209B).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $116M and imported $97.8M from Austria, resulting in a positive trade balance of $17.8M. Between July 2023 and July 2024 the exports of South Korea have increased by $25.1M (27.7%) from $90.5M to $116M, while imports decreased by $-81.8M (-45.5%) from $180M to $97.8M.

Trade In July 2024, the top exports of South Korea to Austria were Electrical machinery and electronics ($62.5M), Cars, tractors, trucks & parts thereof. ($17M), Machinery, mechanical appliances, & parts ($6.64M), Optical, photo, & film equipment; medical... ($5.97M), and Organic chemicals ($3.49M). In July 2024 the top imports of South Korea from Austria were Cars, tractors, trucks & parts thereof. ($81M), Machinery, mechanical appliances, & parts ($31.1M), Electrical machinery and electronics ($13.6M), Meat & edible offal ($8.59M), and Pharmaceutical products ($6.79M).

Growth In July 2024, the increase in South Korea's year-by-year exports to Austria was explained primarily by an increase in product exports in Electrical machinery and electronics ($12.3M or 24.6%), Organic chemicals ($2.23M or 178%), and Pharmaceutical products ($2.1M or 446%). In July 2024, the decrease in South Korea's year-by-year imports from Austria was explained primarily by an decrease in product imports in Meat & edible offal ($-6.28M or -42.2%), Man-made staple fibres ($-2.81M or -82.8%), and Plastics & articles thereof ($-1.47M or -33.3%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (July 2023 - July 2024)$25.1M(27.7%)

IMPORT GROWTH (July 2023 - July 2024)$-81.8M(-45.5%)

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

For full datasets download visit Bulk Download page.

Explore Austria and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $1.53B to Austria. The main products exported from South Korea to Austria were Broadcasting Equipment ($509M), Cars ($148M), and Blank Audio Media ($139M). During the last 5 years the exports of South Korea to Austria have increased at an annualized rate of 8.46%, from $1.02B in 2017 to $1.53B in 2022.

In 2017, Austria exported $1.79B to South Korea. The main products exported from Austria to South Korea were Cars ($562M), Machinery Having Individual Functions ($120M), and Pig Meat ($109M). During the last 5 years the exports of Austria to South Korea have increased at an annualized rate of 2.87%, from $1.51B in 2022 to $1.79B in 2017.

Exports from South Korea () to Austria () (2022)

Exports from Austria () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Austria
Top DestinationGermany$57.7B

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

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

In 2022, countries that imported more from Austria than South Korea included Germany ($57.7B), Switzerland ($11.2B), and Italy ($13.6B).

Difference in imports from Austria () and South Korea () (2022)

Comparative Advantage South Korea - Austria

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with Austria in the exports of Machines ($1.06B), Transportation ($170M), and Instruments ($91.3M).

During 2017, Austria had a large net trade with South Korea in the exports of Transportation ($698M), Machines ($444M), and Chemical Products ($119M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential South Korea Austria+$111MCars

Top Product Potential Austria South Korea+$30.7MMotor vehicles; parts and accessories (8701 to 8705)

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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Bilateral Service Trade

Aut Year

In 2020, Austria exported services to South Korea worth $164M, with Other business services ($89.1M), Transportation ($30.8M), and Travel ($14.8M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Austria () to South Korea () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of South Korea () and Austria () (2022)

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