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2022
Exports $52.2MWorld Rnk 8 / 160
Flag Rnk 478 / 1204
2022
Destination $4.77M China
2021 - 2022
FASTEST GROWING MARKET $4.77MGermany
2022
PRODUCT COMPLEXITY IN Metalworking Machines1.92Rnk 9 / 1025
2022
Imports $54.5MWorld Rnk 10 / 212
Flag Rnk 650 / 1213
2022
Origin $2.36M Japan
2021 - 2022
FASTEST GROWING ORIGIN $2.36MUnited States
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $52.2M in Metalworking Machines, making it the 8th largest exporter of Metalworking Machines in the world. At the same year, Metalworking Machines was the 478th most exported product in South Korea. The main destination of Metalworking Machines exports from South Korea are: China ($7.87M), Hungary ($6.89M), Vietnam ($6.8M), United States ($6.13M), and Germany ($4.95M).

The fastest growing export markets for Metalworking Machines of South Korea between 2021 and 2022 were Germany ($4.77M), Vietnam ($3.02M), and Hungary ($732k).

Imports In 2022, South Korea imported $54.5M in Metalworking Machines, becoming the 10th largest importer of Metalworking Machines in the world. At the same year, Metalworking Machines was the 650th most imported product in South Korea. South Korea imports Metalworking Machines primarily from: Japan ($13.9M), Germany ($11.5M), China ($9.8M), United States ($5.58M), and Chinese Taipei ($5.21M).

The fastest growing import markets in Metalworking Machines for South Korea between 2021 and 2022 were United States ($2.36M), Thailand ($363k), and Russia ($137k).

COMPANIES In 2023, leading companies such as General Motors (2) and ZF Friedrichshafen (1) were at the forefront of shipping Metalworking Machines from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Metalworking Machines exports accounted up to $3.39M and imports accounted up to $2.2M, resulting in a positive trade balance of $1.19M. Between July 2023 and July 2024 the exports of South Korea's   Metalworking Machines have decreased by $-302k (-8.18%) from $3.69M to $3.39M, while imports decreased by $-1.36M (-38.3%) from $3.56M to $2.2M.

Destinations In July 2024, Metalworking Machines were exported mostly to India ($1.22M), United States ($650k), China ($398k), Vietnam ($361k), and Turkey ($240k), and were imported mostly from China ($901k), Japan ($652k), India ($150k), Chinese Taipei ($124k), and France ($101k).

Growth In July 2024, the decrease in Metalworking Machines's year-by-year exports was explained primarily by a decrease in exports to China ($-882k or -99.2%), Vietnam ($-528k or -88%), and Philippines ($-119k or -64.3%). In July 2024, the decrease in Metalworking Machines's year-by-year imports was explained primarily by a decrease in imports from Switzerland ($-2.78M or -100%), India ($-544k or -86.5%), and China ($-340k or -32.5%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$-302k(-8.18%)
IMPORT GROWTH (July 2023 - July 2024)$-1.36M(-38.3%)
MAIN DESTINATION (July 2024)India$1.22M

This section shows Metalworking Machines's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Metalworking Machines over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$52.2M
IMPORTS (2022)$54.5M
NET TRADE (2022)-$2.32M

In 2022, South Korea exported $52.2M in Metalworking Machines. The main destinations of South Korea exports on Metalworking Machines were China ($7.87M), Hungary ($6.89M), Vietnam ($6.8M), United States ($6.13M), and Germany ($4.95M).

In 2022, South Korea imported $54.5M in Metalworking Machines, mainly from Japan ($13.9M), Germany ($11.5M), China ($9.8M), United States ($5.58M), and Chinese Taipei ($5.21M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Metalworking Machines EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Germany$4.77M (2.63k%)
Vietnam$3.02M (80.1%)
Hungary$732k (11.9%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Metalworking Machines BY South Korea WERE (2021 - 2022):
China-$11.5M (-59.3%)
United States-$7.13M (-53.7%)
Sweden-$2.33M (-99.5%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Metalworking Machines were:
Germany $667M
China $394M
Japan $227M
In 2022, South Korea's main importing competitors in Metalworking Machines were:
China $488M
United States $272M
India $115M

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Trade Value of Metalworking Machines by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $4.8M
TOP IMPORT POTENTIALChina+ $3.63M

Metalworking Machines’s highest export potential is China. With an export gap of $4.8M.   Metalworking Machines’s highest import potential is China with an import gap of $3.63M.

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