Nina Jobst
Research expert covering South Korea
Exports from South Korea - statistics & facts
South Korea’s international trade is the main driver of its economic growth. After the Korean War from 1950 to 1953, it developed into a net export country. The importance of exports for the South Korean economy is underlined by the high share of export trade in the country’s GDP. Since years, South Korea ranks high among exporters globally, highlighting its significance not only domestically, but internationally as well.
Aside from that, South Korea boasts a strong consumer electronics industry that birthed multiple internationally established tech giants such as Samsung and LG. This strong baseline enables South Korea to keep up with the globally increasing demand of chips. At the end of 2023, semiconductor exports accelerated again, further advancing the overall exports of the country. As Korean culture becomes more popular around the world due to Hallyu (the Korean wave), consumer products, such as food and cosmetics, and media items also find their way overseas.
Despite export trade with China slowing down, South Korea has found growth in other Asian markets such as Vietnam, Hong Kong, and Singapore. With South Korea diversifying its export destinations, and China’s attempts to be less dependent on imports, the historically close trading partnership might change going forward.
What products does South Korea export the most?
South Korea exports a variety of products. The largest export commodities, however, are anchored in the heavy metal and electronics sectors. All types of machinery were the most sought-after products from South Korea. Following was transportation equipment, as South Korea is the world’s biggest passenger and cargo ship exporter. The automotive industry was especially a driver for the country’s exports, being one of the largest car manufacturers and exporters globally. The leading domestic manufacturers are Hyundai Motor Company and Kia Motors. In 2023, automotive exports from South Korea reached a record high of more than 70 billion U.S. dollars.Aside from that, South Korea boasts a strong consumer electronics industry that birthed multiple internationally established tech giants such as Samsung and LG. This strong baseline enables South Korea to keep up with the globally increasing demand of chips. At the end of 2023, semiconductor exports accelerated again, further advancing the overall exports of the country. As Korean culture becomes more popular around the world due to Hallyu (the Korean wave), consumer products, such as food and cosmetics, and media items also find their way overseas.
South Korea’s main export partners
To maintain and expand access to international markets, the country’s interest in securing Free Trade Agreements (FTA) is high. As a result, South Korea has concluded bilateral and multilateral FTAs with many of its trading partners, covering most of the global economy. The biggest export markets have been China and the United States, with the former historically outweighing the latter. However, in late 2023, the U.S. overtook China as the biggest South Korean export destination. Exports to China started to decline, and January 2024 marked South Korea’s first trade deficit with China in more than three decades. One of the reasons for this is China’s endeavors to become more self-sufficient in markets in which South Korea previously had a large part to play in satisfying demand.Despite export trade with China slowing down, South Korea has found growth in other Asian markets such as Vietnam, Hong Kong, and Singapore. With South Korea diversifying its export destinations, and China’s attempts to be less dependent on imports, the historically close trading partnership might change going forward.
