The following export product groups represent the highest dollar value in South Korean global shipments during 2018. South Korea’s top 10 exports are relatively concentrated, accounting for 85.2% of the overall value of its shipments. Also shown is the percentage share each export category represents in terms of overall South Korean exports.

At the more granular four-digit Harmonized Tariff System code level, South Korea’s most valuable exported products are electronic integrated circuits trailed by refined petroleum oils, cars then automobile parts or accessories.

1. Electrical machinery, equipment: US$184.6 billion (30.5% of total exports)
2. Machinery including computers: $77.7 billion (12.8%)
3. Vehicles: $61.2 billion (10.1%)
4. Mineral fuels including oil: $48.2 billion (8%)
5. Plastics, plastic articles: $34.9 billion (5.8%)
6. Optical, technical, medical apparatus: $27.8 billion (4.6%)
7. Organic chemicals: $25.4 billion (4.2%)
8. Iron, steel: $24.8 billion (4.1%)
9. Ships, boats: $20.3 billion (3.4%)
10. Articles of iron or steel: $10.5 billion (1.7%)

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of South Korea’s Most Valuable Export Products further down below.

Among South Korea’s top 10 export categories, mineral fuels including oil was the fastest-growing via its 32.7% appreciation from 2017 to 2018.

South Korean shipments of electrical machinery and equipment were worth 13.2% more in 2018 compared to 2017. In third place for improving export sales was machinery including computers, increasing in value by 12% year over year.

Leading the decliners was the ships and boats category (down -50.4%) then iron or steel articles (down -19.9%), optical, technical and medical apparatus (down -4.1%) then South Korean exported vehicles (down -1.2%).

Overall South Korea achieved a $70 billion trade surplus for 2018, down -26.6% from the $95.3 billion worth of black ink generated during 2017.

The following types of South Korean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Electrical machinery, equipment: US$99.9 billion (Up by 24.5% since 2017)
2. Vehicles: $44.3 billion (Down by -4%)
3. Plastics, plastic articles: $23.1 billion (Up by 13.4%)
4. Ships, boats: $18.7 billion (Down by -52.5%)
5. Machinery including computers: $17.5 billion (Up by 99%)
6. Organic chemicals: $11.1 billion (Up by 12.3%)
7. Iron, steel: $8.3 billion (Up by 43.5%)
8. Optical, technical, medical apparatus: $5.4 billion (Down by -26.3%)
9. Rubber, rubber articles: $5.2 billion (Up by 4.8%)
10. Perfumes, cosmetics: $4.2 billion (Up by 38.7%)

South Korea has highly positive net exports in the international trade of electronic integrated circuits and microassemblies as well as phone system devices including cellular and landline phones. In turn, these cashflows indicate South Korea’s strong competitive advantages under the electrical machinery and equipment product category.

Below are exports from South Korea that are negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on South Korea’s goods trail the home country’s import spending on foreign products.

1. Mineral fuels including oil: -US$98.7 billion (Up by 34.1% since 2017)
2. Ores, slag, ash: -$14.6 billion (Up by 4.8%)
3. Clothing, accessories (not knit or crochet): -$5.5 billion (Up by 17.3%)
4. Meat: -$5.1 billion (Up by 16%)
5. Other chemical goods: -$3.9 billion (Up by 0.4%)
6. Inorganic chemicals: -$3.8 billion (Up by 32.4%)
7. Wood: -$3.7 billion (Up by 10.6%)
8. Fish: -$3.6 billion (Up by 24%)
9. Cereals: -$3.4 billion (Up by 12.3%)
10. Aluminum: -$3.3 billion (Down by -4%)

South Korea has highly negative net exports and therefore deep international trade deficits for crude oil and petroleum gases, key inputs needed for its highly industrialized economy to function effectively.

These cashflow deficiencies clearly indicate South Korea’s competitive disadvantages in the international fossil fuel market, but also represent potential opportunities for South Korea to improve its position in the global economy by innovating alternative energy supplies.

South Korean Export Companies

Wikipedia lists many of the larger international trade players from South Korea including:

• Hyundai Motor (car, truck manufacturing)
• Hynix Semiconductor (semiconductors)
• SK Holdings (oil, gas)
• LG Electronics (consumer electronics)
• Doosan Heavy Industries (heavy machinery)
• S-Oil (oil, gas)
• Lotte Chemical (specialized chemicals)
• KT&G (tobacco)

According to global trade intelligence firm Zepol, the following companies are also examples of South Korean exporters:

• LG Electronics (dryers, washing machines, refrigerators, freezers)
• Samsung Electronics (telecommunication equipment, refrigerators, freezers)
• Hankook Tire (rubber inner tubes, vehicle tires, latex)