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2022
Exports $42.3MWorld Rnk 28 / 175
Flag Rnk 520 / 1204
2022
Destination $1.1M United States
2021 - 2022
FASTEST GROWING MARKET $1.1MJapan
2022
PRODUCT COMPLEXITY IN Soups and Broths-0.5Rnk 704 / 1025
2022
Imports $40.8MWorld Rnk 21 / 223
Flag Rnk 714 / 1213
2022
Origin $3.88M Japan
2021 - 2022
FASTEST GROWING ORIGIN $3.88MJapan
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $42.3M in Soups and Broths, making it the 28th largest exporter of Soups and Broths in the world. At the same year, Soups and Broths was the 520th most exported product in South Korea. The main destination of Soups and Broths exports from South Korea are: United States ($16.8M), Japan ($7.45M), Australia ($2.5M), Chinese Taipei ($2.37M), and Hong Kong ($2.13M).

The fastest growing export markets for Soups and Broths of South Korea between 2021 and 2022 were Japan ($1.1M), United States ($1.02M), and Australia ($657k).

Imports In 2022, South Korea imported $40.8M in Soups and Broths, becoming the 21st largest importer of Soups and Broths in the world. At the same year, Soups and Broths was the 714th most imported product in South Korea. South Korea imports Soups and Broths primarily from: Japan ($11.5M), Australia ($6.74M), United States ($4.91M), Malaysia ($3.81M), and New Zealand ($3.55M).

The fastest growing import markets in Soups and Broths for South Korea between 2021 and 2022 were Japan ($3.88M), United States ($1.8M), and New Zealand ($1.19M).

COMPANIES In 2023, leading companies such as Continental Materials (5) and LG Electronics (2) were at the forefront of shipping Soups and Broths from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Soups and Broths exports accounted up to $2.52M and imports accounted up to $1.46M, resulting in a positive trade balance of $1.05M. Between July 2023 and July 2024 the exports of South Korea's   Soups and Broths have decreased by $-806k (-24.3%) from $3.32M to $2.52M, while imports decreased by $-502k (-25.5%) from $1.97M to $1.46M.

Destinations In July 2024, Soups and Broths were exported mostly to United States ($1.05M), Japan ($323k), Australia ($257k), Philippines ($151k), and Hong Kong ($146k), and were imported mostly from Malaysia ($370k), United States ($331k), Vietnam ($200k), China ($156k), and Japan ($117k).

Growth In July 2024, the decrease in Soups and Broths's year-by-year exports was explained primarily by a decrease in exports to United States ($-858k or -44.6%), Japan ($-547k or -61.8%), and Hong Kong ($-87k or -37.5%). In July 2024, the decrease in Soups and Broths's year-by-year imports was explained primarily by a decrease in imports from Malaysia ($-230k or -46.1%), United States ($-195k or -66.6%), and Chinese Taipei ($-39k or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$-806k(-24.3%)
IMPORT GROWTH (July 2023 - July 2024)$-502k(-25.5%)
MAIN DESTINATION (July 2024)United States$1.05M

This section shows Soups and Broths'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 Soups and Broths over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$42.3M
IMPORTS (2022)$40.8M
NET TRADE (2022)$1.51M

In 2022, South Korea exported $42.3M in Soups and Broths. The main destinations of South Korea exports on Soups and Broths were United States ($16.8M), Japan ($7.45M), Australia ($2.5M), Chinese Taipei ($2.37M), and Hong Kong ($2.13M).

In 2022, South Korea imported $40.8M in Soups and Broths, mainly from Japan ($11.5M), Australia ($6.74M), United States ($4.91M), Malaysia ($3.81M), and New Zealand ($3.55M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soups and Broths EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Japan$1.1M (17.3%)
United States$1.02M (6.48%)
Australia$657k (35.8%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soups and Broths BY South Korea WERE (2021 - 2022):
Canada-$1.13M (-46%)
Singapore-$326k (-34.4%)
Vietnam-$316k (-33.6%)
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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 Soups and Broths were:
United States $701M
Germany $209M
Canada $195M
In 2022, South Korea's main importing competitors in Soups and Broths were:
United States $398M
Mexico $342M
Canada $302M

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Trade Value of Soups and Broths by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALCanada+ $825k
TOP IMPORT POTENTIALChina+ $1.42M

Soups and Broths’s highest export potential is Canada. With an export gap of $825k.   Soups and Broths’s highest import potential is China with an import gap of $1.42M.

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