Latest Trends in Trade Sector of Korea
OVERVIEW
In November 2022 South Korea exported $52B and imported $59B, resulting in a negative trade balance of $7.03B. Between November 2021 and November 2022 the exports of South Korea have decreased by $-8.35B (-13.9%) from $60.3B to $52B, while imports increased by $1.64B (2.86%) from $57.3B to $59B.
TRADE
In November 2022, the top exports of South Korea were Electrical machinery and equipment and parts… ($15.6B), Vehicles ($7.12B), Nuclear reactors, boilers, machinery and mechanical… ($5.4B), Mineral fuels, mineral oils and products… ($5.06B), and Plastics and articles thereof ($2.64B). In November 2022 the top imports of South Korea were Mineral fuels, mineral oils and products… ($17.6B), Electrical machinery and equipment and parts… ($11.6B), Nuclear reactors, boilers, machinery and mechanical… ($5.62B), Vehicles ($2.32B), and Optical, photographic, cinematographic, measuring, checking, medical… ($1.85B).
DESTINATIONS
In November 2022, South Korea exported mostly to China ($11.4B), United States ($8.79B), Vietnam ($4.66B), Japan ($2.31B), and Chinese Taipei ($1.94B), and imported mostly from China ($12.2B), United States ($6.53B), Japan ($4.32B), Australia ($3.87B), and Saudi Arabia ($3.23B).
GROWTH
In November 2022, the decrease in South Korea’s year-by-year exports was explained primarily by an decrease in exports to Malaysia ($-1.62B or -71.3%), Singapore ($-440M or -40.5%), and Kazakhstan ($-374M or -92%), and product exports decrease in Mineral fuels, mineral oils and products… ($-1.54B or -44.2%), Aircraft, spacecraft and parts ($-185M or -64.3%), and Organic chemicals ($-145M or -9.07%). In November 2022, the increase in South Korea’s year-by-year imports was explained primarily by an increase in imports from China ($1.32B or 14%), Japan ($777M or 24.6%), and Netherlands ($601M or 266%), and product imports increase in Nuclear reactors, boilers, machinery and mechanical… ($2.09B or 51.1%), Electrical machinery and equipment and parts… ($1.49B or 20.3%), and Optical, photographic, cinematographic, measuring, checking, medical… ($570M or 40%).