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This article will provide you with an overview of the South Korean economy, including the country's primary imports and exports of goods and services, as well as their primary destinations.
South Korea is currently ranked as the world's fifth largest export economy, with a positive trade balance of 107 billion dollars after deducting annual imports of 509 billion dollars from the export output of 617 billion dollars.
South Korea's GDP is 1.6 trillion dollars, which equates to a GDP per capita of 31,363 dollars.
South Korea is the world's tenth largest importer, with a 12.6 billion dollar increase in the last five years from 497 billion dollars in 2013 to 509 billion dollars in 2018.
South Korea’s Top Trading Partners
South Korea, officially known as the Republic of Korea, is strategically located between world-class importers China to the west and another Asian economic powerhouse Japan to the east.
In 2020, South Korea shipped 512.8 billion dollars in goods around the world.
This figure represents roughly 2.7 percent of total global exports, which were estimated at 18.709 trillion dollars in 2019.
Using a continental perspective, less than two-thirds or 64.4 percent of South Korea's exports by value in 2020 were delivered to Asian neighbors, while 17.2 percent were sold to North American importers.
South Korea shipped 12.1 percent more goods to Europe.
Oceania got 2.5 percent, led by Australia, Latin America with 1.9 percent, excluding Mexico but including the Caribbean, and Africa received lower percentages with 1.6 percent.
Here is a list of 15 of South Korea's top trading partners in terms of export sales in 2020.
In other words, these are the countries that imported the most Korean shipments in terms of dollar value.
Each import country's share of total Korean exports is also shown.
China: 132.6 billion dollars accounting for 25.8 percent of total South Korean exports
74.4 billion dollars in the United States with 14.5 percent
48.5 billion dollars for Vietnam with 9.5 percent
Hong Kong's GDP is 30.7 billion dollars accounts for 6 percent
25.1 billion dollars for Japan accounts for 4.9 percent
16.5 billion dollars in Taiwan 3.2 percent
12 billion dollars for India accounts for 2.3 percent
Singapore with 9.8 billion dollars at 1.9 percent
Germany with 9.6 billion dollars at 1.9 percent
Malaysia with 9.1 billion at 1.8 percent
Mexico with 8.2 billion dollars at 1.6 percent
7.1 billion dollars for the Philippines at 1.4 percent
Russian Federation with 6.9 billion dollars at 1.3 percent
Thailand with 6.85 billion dollars at 1.3 percent
Thailand with 6.32 billion dollars at 1.2 percent
In 2020, the previously mentioned 15 trade partners received nearly four-fifths or 78.7 percent of South Korean exports.
From 2019 to 2020, five major importers increased their purchases from South Korea: Germany went up 10.2 percent, Taiwan was up by 5.1 percent, Malaysia up by 2.6 percent, the United States up 1.1 percent, and Vietnam up by 0.8 percent.
South Korea’s Top 10 Exports
South Korea's exports totaled 512.8 billion dollars in 2020, earning it the moniker Land of the Morning Calm.
That dollar total represents a minus 5.4 percent year over year decrease since 2019, but a 3.9 percent increase over 5 years beginning in 2016.
The South Korean won has depreciated by minus 1.9 percent against the US dollar since 2016, and by minus 2.1 percent from 2019 to 2020, according to the average exchange rate for 2020.
Because of the Republic of South Korea's weaker local currency, Korean exports paid for in stronger US dollars are relatively cheaper.
In 2020, less than two-thirds or 64.4 percent of South Korean exports were delivered to Asian countries, while 17.2 percent were sold to North American importers.
South Korea shipped 12.1 percent more goods to Europe.
Oceania with 2.5 percent, led by Australia, Latin America with 1.9 percent, excluding Mexico but including the Caribbean, and Africa received lower percentages with 1.6 percent.
With a population of 51.8 million people, South Korea's total of 512.8 billion dollars in exports in 2020 equates to approximately 9,900 dollars for each resident of the southeast Asian country.
The export product groups listed below have the highest dollar value in South Korean global shipments in 2020. South Korea's top ten exports are highly concentrated, accounting for 84 percent of total shipments.
The percentage share of each export category in terms of total South Korean exports is also shown.
159.7 billion dollars for electrical machinery and equipment accounting for 31.1 percent of total exports.
67.9 billion dollars for machinery, including computers accounting for 13.2 percent
54.2 billion for automobiles which accounts for 10.6 percent
Plastics and plastic products with 31.6 billion at 6.2 percent
Mineral fuels, including oil, amount to 25.4 billion at 5 percent
Optical, technical, and medical equipment with 20.1 billion at 3.9 percent
19.7 billion dollars for iron and steel at 3.9 percent
18.7 billion dollars for ships and boats at 3.7 percent
15.4 billion dollars for organic chemicals at 3 percent
7.9 billion dollars in iron and steel articles at 1.5 percent
Electrical machinery and equipment were the only gainers among South Korea's top ten export categories from 2019 to 2020, increasing by 3.9 percent.
South Korean shipments of mineral fuels, including oil down by minus 39.7 percent, organic chemicals down by minus 26.8 percent, iron, and steel materials down by minus 14.5 percent, and items made of iron or steel down by minus 14.5 percent led the decliners down by minus 14.1 percent.
In terms of macroeconomics, South Korea's total exported goods account for 22.4 percent of its overall Gross Domestic Product value at 2.293 trillion dollars in Purchasing Power Parity US dollars in 2020.
That 22.4 percent for exports to overall GDP in PPP for 2020 compares to 23.4 percent the previous year, indicating a relatively decreasing reliance on products sold in international markets for South Korea's total economic performance.
The unemployment rate is another important indicator of a country's economic performance.
According to the International Monetary Fund, South Korea's unemployment rate was 5.4 percent in January 2021, up from an average of 4 percent in 2020.
Seoul is the capital of South Korea.
Sources :
https://commodity.com/data/south-korea/
https://www.worldstopexports.com/south-koreas-top-10-exports/
https://www.worldstopexports.com/south-koreas-top-import-partners/
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