2022
Flag  
GDP
$1.68TCURRENT US$
Rnk 12 / 186
2012-2022
Flag
GDP GROWTH
8.3%CURRENT US$
Rnk 148 / 186
2022
Flag
 GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
GDP PC 
$64,491CURRENT US$
Rnk 11 / 186
2012-2022
Flag
GDP PC GROWTH
-5.23%CURRENT US$
Rnk 153 / 186
2022
Flag
GDP PC
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186

About

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.

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.

Comparison: In 2022,  Australia ranked 78 in the Economic Complexity Index (ECI -0.24), and 16 in total exports ($424B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, 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 2017 to $41B in 2022.

In 2017, 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 2022 to $18.7B in 2017.

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

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

Latest Data

Trade between Australia (Flag) and South Korea (Flag)

Australia Exports

South Korea Exports

Market Competitiveness

Color
Australia
Top Destination
China$123B
South Korea
Top Destination
China$150B

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

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

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

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

Comparative Advantage Australia - South Korea

Flow
Scale

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

During 2022, 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).

During 2017, South Korea had a large net trade with Australia in the exports of Mineral Products ($10.6B), Transportation ($3.88B), and Machines ($1.11B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Australia South Korea+$170MCrude Petroleum
Top Product Potential South Korea Australia+$58.8MMotor 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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Economic Complexity

Competitive Landscape

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

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

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