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flag South Korea South Korean foreign trade in figures

The export-oriented policies of South Korea are one of the most important factors of its economic success. The country is the world's seventh largest exporter of goods and the tenth largest importer (World Trade Organisation, 2022). In 2022 trade represented almost 80% of its GDP (World Bank, 2023). The country exports mainly Electrical and electronic equipment (31% of total exports in 2021), machinery, nuclear reactors, boilers (12%), vehicles other than railway, tramway (10%), plastics (6.7%), Mineral fuels, oils, distillation products (6.2%) and iron and steel (4.3%). Its main imports are Electrical and electronic equipment (19%), Mineral fuels, oils, distillation products (22%), machinery, nuclear reactors, boilers (11%), optical, photo, technical, medical apparatus (3.7%), vehicles other than railway, tramway (3.3%) and iron ores slag and ash (4%). The International Monetary Fund (IMF) is forecasting an increase of only of 0.1% in the volume of exports of goods and services of this country in 2023, after an increase of 3.6% in 2021 and 3.7% in 2021, and an increase of 2% of its imports, after a fall of 2.2% in 2021 and 2% in 2020 (IMF Country Report, 2023).

South Korea is heavily integrated into international trade and finance and is subsequently highly vulnerable to external influences, especially from China, which is its main trade partner (26% of total exports in 2022), followed by United States (16%), Vietnam (9.2%), Hong Kong (6%) and Japan (4.8%). Its main suppliers are China (24%), United States (13%), Japan (9.3%), Australia (5.6%) and Saudi Arabia with 4.1% (WTO, 2023). South Korea has concluded free-trade agreements with many countries (the last one with five Central American countries) representing more than 70% of the global economy. The country is still considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was signed by 11 Asia-Pacific countries in March 2018. On the 15th of November 2020 South Korea has signed the Regional Comprehensive Economic Partnership (RCEP) with 14 other Indo-Pacific countries. This free trade agreement is the largest trade deal in history, covering 30 per cent of the global economy. It includes the Association of Southeast Asian Nations (ASEAN : Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and ASEAN’s free trade agreement partners (Australia, China, India, Japan, New Zealand and Republic of Korea). The RCEP covers goods, services, investment, economic and technical cooperation. It also creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.

According to WTO, exports of goods amounted to USD 644.4 billion in 2021, while imports amounted to USD 615.1 billion. Exports of services amounted to USD 121.9 billion, while imports amounted to USD 125.6 billion. Since February 2012, the country's trade balance has been in high surplus and is expected to remain so in the coming years. South Korea remained a net exporter for the 13th consecutive year in 2021. According to WTO, trade surplus including services amounted to USD 29.31 billion in 2021.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 478,478535,202503,343467,633615,093
Exports of Goods (million USD) 573,694604,860542,233512,498644,400
Imports of Services (million USD) 120,317127,300125,034101,587127,120
Exports of Services (million USD) 86,46997,95797,91686,145122,741

Source: World Trade Organisation (WTO) ; Latest available data

 
Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 77.179.075.869.080.5
Trade Balance (million USD) 113,593110,08779,81280,60576,207
Trade Balance (Including Service) (million USD) 76,85980,71752,96765,93573,099
Imports of Goods and Services (Annual % Change) 8.91.7-1.9-3.110.1
Exports of Goods and Services (Annual % Change) 2.54.00.2-1.710.8
Imports of Goods and Services (in % of GDP) 36.237.336.532.738.5
Exports of Goods and Services (in % of GDP) 40.941.739.336.442.0

Source: World Bank ; Latest available data

 
Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 3.20.93.03.53.3
Volume of imports of goods and services (Annual % change) 3.70.82.83.43.4

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
South Korea is a member of the following international economic organisations: IMF, Asia-Pacific Economic Cooperation (APEC), OECD, G-20, Association of Southeast Asian Nations (ASEAN) (dialogue partner), ICC, WTO, among others. For the full list of economic and other international organisations in which participates South Korea click here. International organisation membership of South Korea is also outlined here.
Free Trade Agreements
South Korea is a member of Regional Comprehensive Economic Partnership (RCEP) signed on 15 November 2020. The complete and up-to-date list of Free Trade Agreements signed by South Korea can be consulted here.

Main Partner Countries

Main Customers
(% of Exports)
2022
China 22.8%
United States 16.1%
Vietnam 8.9%
Japan 4.5%
Hong Kong SAR, China 4.0%
See More Countries 43.7%
Main Suppliers
(% of Imports)
2022
China 21.1%
United States 11.2%
Japan 7.5%
Australia 6.1%
Saudi Arabia 5.7%
See More Countries 48.3%

Source: Comtrade, Latest Available Data

 

Main products

683.6 bn USD of products exported in 2022
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 16.5%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 9.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 7.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 4.1%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.9%
See More Products 59.9%
731.4 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 14.5%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 8.5%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 7.8%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 3.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.6%
See More Products 61.8%

Source: Comtrade, Latest Available Data

To go further, check out our service Import/Export Flows.

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

 

Exchange Rate System

Local Currency
South Korean Won (KRW)
Exchange Rate Regime
Independently floating.
Level of Currency Instability
Low
Exchange Rate on :

 
 
 
Monetary Indicators 20162017201820192020
South Korean Won (KRW) - Average Annual Exchange Rate For 1 EUR 1,234.331,276.941,298.531,309.441,348.10

Source: World Bank - Latest available data.

 
 

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Latest Update: November 2023