The following export product groups represent the highest dollar value in South Korean global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from South Korea.

1. Electrical machinery, equipment: US$134.3 billion (27.1% of total exports)
2. Vehicles : $62.7 billion (12.6%)
3. Machinery including computers: $58.3 billion (11.8%)
4. Ships, boats: $33.2 billion (6.7%)
5. Plastics, plastic articles: $27.7 billion (5.6%)
6. Optical, technical, medical apparatus: $27.6 billion (5.6%)
7. Mineral fuels including oil: $27.4 billion (5.5%)
8. Iron, steel: $18.7 billion (3.8%)
9. Organic chemicals: $17.9 billion (3.6%)
10. Articles of iron or steel: $11.1 billion (2.2%)

Vehicles were the fastest-growing among the top 10 export categories, up 71.5% for the 7-year period starting in 2009.

In second place for improving export sales was South Korea’s machinery including computers which was up 52.5%.

South Korea’s number one category electrical machinery and equipment posted the third-fastest gain with a 51.3% appreciation, followed by a 50.6% gain for plastics.

Two top 10 categories decreased in value: ships and boats (down -22%); and optical, technical and medical apparatus (down -5.5%).

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 is 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. Overall, South Korea achieved an $89.4 billion trade surplus for 2016.

1. Electrical machinery, equipment: US$59.2 billion (Up by 67.8% since 2009)
2. Vehicles : $47.4 billion (Up by 52.9%)
3. Ships, boats: $31.3 billion (Down by -21.1%)
4. Plastics, plastic articles: $17.6 billion (Up by 57.1%)
5. Machinery including computers: $12.2 billion (Up by 221.7%)
6. Optical, technical, medical apparatus: $10.2 billion (Down by -45.8%)
7. Organic chemicals: $7.0 billion (Up by 70.9%)
8. Articles of iron or steel: $4.6 billion (Up by 140.6%)
9. Rubber, rubber articles: $4.5 billion (Up by 49.9%)
10. Iron, steel: $4.3 billion (Down by -245.6%)

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 home country South Korea’s goods trail South Korean importer spending on foreign products.

1. Mineral fuels including oil: US-$54.3 billion (Down by -20.1% since 2009)
2. Ores, slag, ash: -$10.8 billion (Up by 23.5%)
3. Clothing, accessories (not knit or crochet): -$4.3 billion (Up by 174.7%)
4. Meat: -$3.8 billion (Up by 132.1%)
5. Other chemical goods: -$3.5 billion (Up by 2.4%)
6. Cereals: -$3.2 billion (Up by 12%)
7. Pharmaceuticals: -$3.1 billion (Up by 47.4%)
8. Wood: -$3 billion (Up by 55.1%)
9. Aluminum: -$2.8 billion (Up by 76.1%)
10. Fish: -$2.5 billion (Up by 115.9%)

South Korea has highly negative net exports and therefore deep international trade deficits for crude oil, a key input 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:

• 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 smaller companies are also examples of leading South Korean exporters:

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