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As of September 2, 2019, South Korea exported $318.3 billion worth of goods during the first 7 months of 2019 down -8.7% compared to the same period one year earlier.
Two-thirds (67%) of South Korea’s exports by value were delivered to other Asian countries while 14.9% were sold to North American importers. South Korea shipped another 11.4% worth of goods to Europe. Smaller percentages went to Latin America (2.6%) excluding Mexico but including the Caribbean, Oceania (2.3%) led by Australia then Africa (1.7%).
Given South Korea’s population of 51.4 million people, its total $605.2 billion in products exported during 2018 translates to roughly $11,800 for every resident in the southeast Asian nation.
In macroeconomic terms, South Korea’s total exported goods represent 28.3% of its overall Gross Domestic Product for 2018 ($2.136 trillion valued in Purchasing Power Parity US dollars). That 28.3% for exports to overall GDP in PPP for 2018 compares to 33.8% for 2014, seeming to indicate a relatively decreasing reliance on products sold on international markets for South Korea’s total economic performance. And while this article focuses on exported goods, it is interesting to note that South Korea also provided $96.6 billion worth of exports-related services to global customers for an additional 4.5% of GDP in PPP.
Another key indicator of a country’s economic performance is its unemployment rate. South Korea’s unemployment rate was 4% at May 2019 up from 3.7% one year earlier, according to Trading Economics.
South Korea’s Top 10 Exports
Top 10
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.
- Electrical machinery, equipment: US$184.6 billion (30.5% of total exports)
- Machinery including computers: $77.7 billion (12.8%)
- Vehicles: $61.2 billion (10.1%)
- Mineral fuels including oil: $48.2 billion (8%)
- Plastics, plastic articles: $34.9 billion (5.8%)
- Optical, technical, medical apparatus: $27.8 billion (4.6%)
- Organic chemicals: $25.4 billion (4.2%)
- Iron, steel: $24.8 billion (4.1%)
- Ships, boats: $20.3 billion (3.4%)
- 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%).
Advantages
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.
- Electrical machinery, equipment: US$99.9 billion (Up by 24.5% since 2017)
- Vehicles: $44.3 billion (Down by -4%)
- Plastics, plastic articles: $23.1 billion (Up by 13.4%)
- Ships, boats: $18.7 billion (Down by -52.5%)
- Machinery including computers: $17.5 billion (Up by 99%)
- Organic chemicals: $11.1 billion (Up by 12.3%)
- Iron, steel: $8.3 billion (Up by 43.5%)
- Optical, technical, medical apparatus: $5.4 billion (Down by -26.3%)
- Rubber, rubber articles: $5.2 billion (Up by 4.8%)
- 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.
Opportunities
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.
- Mineral fuels including oil: -US$98.7 billion (Up by 34.1% since 2017)
- Ores, slag, ash: -$14.6 billion (Up by 4.8%)
- Clothing, accessories (not knit or crochet): -$5.5 billion (Up by 17.3%)
- Meat: -$5.1 billion (Up by 16%)
- Other chemical goods: -$3.9 billion (Up by 0.4%)
- Inorganic chemicals: -$3.8 billion (Up by 32.4%)
- Wood: -$3.7 billion (Up by 10.6%)
- Fish: -$3.6 billion (Up by 24%)
- Cereals: -$3.4 billion (Up by 12.3%)
- Aluminum: -$3.3 billion (Down by -4%)
South Korea has highly negative net exports and therefore deep international trade deficits for crude oil and petroleum gases, key inputs needed for its highly industrialized economy to function effectively.
These cashflow deficiencies clearly indicate South Korea’s competitive disadvantages in the international fossil fuel market, but also represent potential opportunities for South Korea to improve its position in the global economy by innovating alternative energy supplies.
Companies
South Korean Export Companies
Wikipedia lists many of the larger international trade players from South Korea including:
- Hyundai Motor (car, truck manufacturing)
- Hynix Semiconductor (semiconductors)
- SK Holdings (oil, gas)
- LG Electronics (consumer electronics)
- Doosan Heavy Industries (heavy machinery)
- S-Oil (oil, gas)
- Lotte Chemical (specialized chemicals)
- KT&G (tobacco)
According to global trade intelligence firm Zepol, the following companies are also examples of South Korean exporters:
- LG Electronics (dryers, washing machines, refrigerators, freezers)
- Samsung Electronics (telecommunication equipment, refrigerators, freezers)
- Hankook Tire (rubber inner tubes, vehicle tires, latex)
South Korea’s capital city is Seoul.
Searchable List of South Korea’s Most Valuable Export Products
At the more granular four-digit HTS code level, South Korea’s top export products are electronic circuitry followed by refined petroleum oils, cars then automobile parts or accessories.
The following searchable table displays 200 of the most in-demand goods shipped from South Korea during 2018. Shown beside each product label is its total export value then the percentage increase or decrease since 2017.
| Rank | South Korean Export Product | 2018 Value (US$) | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $109.8 billion | +27.5% |
| 2 | Processed petroleum oils | $44.9 billion | +34.2% |
| 3 | Cars | $38.2 billion | -1.5% |
| 4 | Automobile parts/accessories | $19.5 billion | -0.2% |
| 5 | Cruise/cargo ships, barges | $15.8 billion | -34.4% |
| 6 | Phone system devices including smartphones | $14.3 billion | -8.8% |
| 7 | Liquid crystal/laser/optical tools | $13.5 billion | -13% |
| 8 | Computer parts, accessories | $12.1 billion | +60.3% |
| 9 | Cyclic hydrocarbons | $11.3 billion | +11.9% |
| 10 | Machinery for making semi-conductors | $8.7 billion | +26.1% |
| 11 | TV/radio/radar device parts | $7.4 billion | -9.4% |
| 12 | Electric storage batteries | $7.2 billion | +21.5% |
| 13 | Miscellaneous machine electrical parts | $6.8 billion | -15.2% |
| 14 | Miscellaneous machinery | $6.6 billion | +9.5% |
| 15 | Flat-rolled iron or non-alloy steel products (plated/coated) | $6.5 billion | +9.2% |
| 16 | Solar power diodes/semi-conductors | $6 billion | -2.8% |
| 17 | Computers, optical readers | $6 billion | -4.4% |
| 18 | Polyacetal/ether/carbonates | $5.6 billion | +16.7% |
| 19 | Hot-rolled iron or non-alloy steel products | $5.3 billion | +8.5% |
| 20 | Printed circuits | $5 billion | -9.6% |
| 21 | Beauty/makeup/skin care preparations | $4.9 billion | +25.9% |
| 22 | Propylene/olefin polymers | $4.6 billion | +15.7% |
| 23 | Ethylene polymers | $4.4 billion | +7.8% |
| 24 | Styrene polymers | $4.1 billion | +7.8% |
| 25 | Optical fiber cables, sheets, plates | $3.8 billion | +5.4% |
| 26 | Heavy machinery (bulldozers, excavators, road rollers) | $3.6 billion | +14.9% |
| 27 | Rubber tires (new) | $3.5 billion | +1.1% |
| 28 | Acyclic hydrocarbons | $3.3 billion | +10.9% |
| 29 | Insulated wire/cable | $3.3 billion | +12.3% |
| 30 | Light vessels, fire boats, floating docks | $3.3 billion | -79.4% |
| 31 | Synthetic rubber | $3.1 billion | +3.7% |
| 32 | Plastic plates, sheets, film, tape, strips | $3.1 billion | +5.5% |
| 33 | Other measuring/testing machines | $3 billion | +0.2% |
| 34 | Air or vacuum pumps | $3 billion | +8.8% |
| 35 | Polycarboxylic acids | $3 billion | +5.8% |
| 36 | Lower-voltage switches, fuses | $2.9 billion | +4.1% |
| 37 | Piston engine parts | $2.8 billion | +7.2% |
| 38 | Machinery parts | $2.8 billion | +16.6% |
| 39 | Unrecorded sound media | $2.6 billion | +204.2% |
| 40 | Cold-rolled iron or non-alloy steel products | $2.5 billion | +9.6% |
| 41 | Flat-rolled stainless steel items | $2.5 billion | +14.2% |
| 42 | Blood fractions (including antisera) | $2.4 billion | +28.3% |
| 43 | Miscellaneous iron and steel structures | $2.4 billion | -51% |
| 44 | Taps, valves, similar appliances | $2.1 billion | +9.3% |
| 45 | Electrical converters/power units | $2.1 billion | -7% |
| 46 | Refrigerators, freezers | $2.1 billion | -16.9% |
| 47 | Flat-rolled other alloy steel products | $2 billion | +5.6% |
| 48 | Electrical/optical circuit boards, panels | $1.9 billion | +17.4% |
| 49 | Self-adhesive plastic in rolls | $1.9 billion | +6.8% |
| 50 | Temperature-change machines | $1.9 billion | +9.9% |
| 51 | Centrifuges, filters and purifiers | $1.8 billion | +23.8% |
| 52 | Zinc (unwrought) | $1.8 billion | +13.6% |
| 53 | Miscellaneous iron or steel items | $1.8 billion | +11.7% |
| 54 | Aircraft parts | $1.8 billion | +2.6% |
| 55 | Electro-medical equip (e.g. xrays) | $1.8 billion | +7.2% |
| 56 | Moulding boxes/base | $1.8 billion | -6.5% |
| 57 | Electric circuit parts, fuses, switches | $1.8 billion | -37.1% |
| 58 | Plastic plates, sheets, film, tape, strips | $1.7 billion | +13.9% |
| 59 | TV receivers/monitors/projectors | $1.7 billion | -7.9% |
| 60 | Synthetic yarn woven fabrics | $1.7 billion | -0.7% |
| 61 | Trucks | $1.7 billion | -3.9% |
| 62 | Acrylic polymers | $1.7 billion | +15.4% |
| 63 | Interchangeable hand/machine tools | $1.7 billion | +10.8% |
| 64 | Miscellaneous plastic items | $1.6 billion | +11.3% |
| 65 | Aluminum plates, sheets, strips | $1.6 billion | +17.9% |
| 66 | Refined copper, unwrought alloys | $1.6 billion | +7.1% |
| 67 | Electrical capacitators | $1.5 billion | +21.2% |
| 68 | Transmission shafts, gears, clutches | $1.5 billion | +6.5% |
| 69 | Liquid pumps and elevators | $1.5 billion | +2.1% |
| 70 | Plastic packing goods, lids, caps | $1.5 billion | +5% |
| 71 | Miscellaneous iron or steel tubes, pipes | $1.5 billion | -25.8% |
| 72 | Coated paper | $1.4 billion | +8.5% |
| 73 | Inorganic compounds | $1.4 billion | +266.3% |
| 74 | Lifting/loading machinery | $1.4 billion | +20% |
| 75 | Uncarded synthetic staple fibers | $1.4 billion | +19.6% |
| 76 | Petroleum oil residues | $1.4 billion | +4.3% |
| 77 | Other than warp-knit fabrics | $1.4 billion | -4.4% |
| 78 | Chemicals used in electronics | $1.3 billion | +87.6% |
| 79 | Air conditioners | $1.3 billion | -4.7% |
| 80 | Other nitrogen compounds | $1.3 billion | +4.9% |
| 81 | Silver (unwrought) | $1.3 billion | -6.9% |
| 82 | Electrical lighting/signaling equpment, defrosters | $1.3 billion | +3.3% |
| 83 | Electric motors, generators | $1.3 billion | +5.8% |
| 84 | Warships, lifeboats | $1.2 billion | +18.7% |
| 85 | Electrical machinery | $1.2 billion | +8.7% |
| 86 | Chemical industry products/residuals | $1.2 billion | +14.4% |
| 87 | Phenols/phenol-alcohols | $1.2 billion | +59.7% |
| 88 | Ball, roller bearings | $1.2 billion | +14.8% |
| 89 | Piston engines | $1.1 billion | +17.8% |
| 90 | Coal tar oils (high temperature distillation) | $1.1 billion | +10.5% |
| 91 | Synthetic filament yarn | $1.1 billion | +10.6% |
| 92 | Wide knit or crochet fabrics | $1.1 billion | -5.1% |
| 93 | Amino-resins | $1.1 billion | +11.2% |
| 94 | Regulate/control instruments | $1 billion | +11.5% |
| 95 | Engines (diesel) | $995.9 million | -16.5% |
| 96 | Oscilloscopes, spectrum analyzers | $973.7 million | +32.5% |
| 97 | Personal toilet/shaving preparations, deodorants | $969.4 million | +32.1% |
| 98 | Seats (excluding barber/dentist chairs) | $956.1 million | +3.2% |
| 99 | Iron or steel pipe fittings | $955.6 million | +13.3% |
| 100 | Iron ferroalloys | $945.5 million | +54.1% |
| 101 | Acyclic alcohols | $924.9 million | +17.6% |
| 102 | Oxometal/peroxometal acid salts | $922 million | +33.5% |
| 103 | Iron and steel screws, bolts, nuts, washers | $908.5 million | +5.9% |
| 104 | Hydrogen, rare gases | $890.4 million | -31% |
| 105 | Physical/chemical analysis tools | $884.5 million | +13.3% |
| 106 | Metal-removing lathes | $881.1 million | +49.2% |
| 107 | Miscellaneous engines, motors | $878.7 million | +40.8% |
| 108 | Lead (unwrought) | $865 million | +3% |
| 109 | Plastics-infused textile fabrics | $853 million | +0.7% |
| 110 | Other food preparations | $852.1 million | +8.9% |
| 111 | Aircraft, spacecraft | $806.7 million | +0.1% |
| 112 | TV receiver/transmit/digital cameras | $794.3 million | -48.4% |
| 113 | Cigars/cigarellos, cigarettes | $792.4 million | -29.6% |
| 114 | Printing machinery | $791.8 million | -14.8% |
| 115 | Medication mixes in dosage | $790.7 million | +3.4% |
| 116 | Iron or non-alloy steel angles, shapes, sections | $790.3 million | +21.7% |
| 117 | Copper wire | $761 million | +10.7% |
| 118 | Base metal mountings, fittings | $759.1 million | +11.4% |
| 119 | Rubber/plastic article making machines | $750.3 million | +5.6% |
| 120 | Vapour-based boilers | $732 million | -6.8% |
| 121 | Public-transport vehicles | $705.3 million | -12.6% |
| 122 | Yarn wash/clean/iron machines | $701.6 million | -12.5% |
| 123 | Metal-working machinery | $692.5 million | +43.8% |
| 124 | Fork-lift trucks | $681.9 million | +28.8% |
| 125 | X-ray equipment | $681.7 million | +14.2% |
| 126 | Whole fish (frozen) | $681.6 million | +1.9% |
| 127 | Vinyl chloride polymers | $667.7 million | +14.6% |
| 128 | Tractors | $660.3 million | +17.8% |
| 129 | Washing machines | $656.8 million | -38.3% |
| 130 | Vulcanized rubber items | $651.8 million | +3.9% |
| 131 | Copper foil | $650.8 million | +24.1% |
| 132 | Other machine parts, accessories | $649.2 million | +13.1% |
| 133 | Copper plates, sheets, strips | $645.6 million | +12% |
| 134 | Made-up clothing parts | $632 million | +10.8% |
| 135 | Photographic chemicals | $618.4 million | +8.5% |
| 136 | Iron and steel tubes, pipes | $609.9 million | +0.8% |
| 137 | Lenses, prisms, mirrors | $607.7 million | -14.3% |
| 138 | Synthetic organic coloring | $605.2 million | +24.4% |
| 139 | Polyamides | $600.3 million | +4.2% |
| 140 | Plastic tile or roll coverings | $566.4 million | +9.9% |
| 141 | Packaged insecticides/fungicides/herbicides | $562.5 million | +33.5% |
| 142 | Radar, radio communication items | $558.3 million | +10% |
| 143 | Pasta, couscous | $556 million | +8.1% |
| 144 | Bent, edgeworked glass | $548.2 million | +10.1% |
| 145 | Paint/varnish non-aqueous solution | $545.6 million | +6.8% |
| 146 | Gold (unwrought) | $544.4 million | -2.4% |
| 147 | Electric water heaters, hair dryers | $542.7 million | -0.3% |
| 148 | Electric ignition/start equipment | $538.7 million | -4.2% |
| 149 | Prepared glues, adhesives | $537.9 million | +17.2% |
| 150 | Iron and steel stranded wire, cables (uninsulated) | $533.7 million | +4% |
| 151 | Aluminum (unwrought) | $520.8 million | +74.6% |
| 152 | Turbo-jets | $518.6 million | -11.5% |
| 153 | Petroleum resins | $518.2 million | +11.8% |
| 154 | Orthopedic appliances | $514.3 million | +18.9% |
| 155 | Other organic cleaning preparations | $514.1 million | -1.1% |
| 156 | Petroleum gases | $512.9 million | +35.8% |
| 157 | Bombs, grenades, ammunition | $507.2 million | +8.5% |
| 158 | Alloy steel bars, rods | $503.5 million | +60.8% |
| 159 | Dishwashing, clean/dry/fill machines | $487.7 million | -4% |
| 160 | Spray/dispersing mechanical appliances | $481.4 million | +38.9% |
| 161 | Coiled iron or non-alloy steel bars, rods | $479.3 million | +25.5% |
| 162 | Machine-tool for metal | $478.1 million | -18.1% |
| 163 | Metal soldering/hot-spray equipment | $475.8 million | -14.2% |
| 164 | Non-alcoholic drinks (not water/juice/milk) | $469.5 million | +20.8% |
| 165 | Unsaturated acyclic mono acids | $462.9 million | +16.5% |
| 166 | Heterocyclics, nucleic acids | $459 million | -10.8% |
| 167 | Nitrile-function compounds | $455.6 million | +13.9% |
| 168 | Iron or steel tubes, pipes | $449.8 million | -8.2% |
| 169 | Lamps, lighting, illuminated signs | $447.5 million | -14.8% |
| 170 | Flat-rolled stainless steel items (thin) | $446.8 million | -5.5% |
| 171 | Other animal leather | $435.1 million | -7.1% |
| 172 | Warp knit fabrics | $423.6 million | +0.3% |
| 173 | Other diagnostic/lab reagents | $423 million | +4.5% |
| 174 | Cermet plates, sticks, tips | $420.1 million | +11.1% |
| 175 | Locks, lock-keys | $415.7 million | -1.9% |
| 176 | Aluminum foil (thin) | $415.1 million | +17.6% |
| 177 | Microphones/headphones/amps | $409.2 million | -9.5% |
| 178 | Cast/rolled glass in sheets | $405.2 million | +19.7% |
| 179 | Iron or non-alloy steel wire | $392 million | +3.3% |
| 180 | Coated/laminated non-wovens | $387.9 million | +4.6% |
| 181 | Electric motor parts | $379.7 million | +3.6% |
| 182 | Miscellaneous aluminum items | $364.6 million | +10.6% |
| 183 | Copper tubes, pipes | $355.8 million | +0.9% |
| 184 | Iron or non-alloy steel products (semi-finished) | $342.7 million | -12.7% |
| 185 | Carbon/self-copy paper | $340 million | +63.6% |
| 186 | High-voltage switches, fuses | $337.5 million | -19.2% |
| 187 | Telecommunication receivers | $337.4 million | -9.3% |
| 188 | Other alloy steel wire | $333.5 million | +12.5% |
| 189 | Magnets including electro-magnets | $332.1 million | +3.8% |
| 190 | Fish fillets, pieces | $329.9 million | +2.1% |
| 191 | Worn clothing | $328.8 million | +7.1% |
| 192 | Copper bars, rods | $328.2 million | +14.7% |
| 193 | Pigments, enamels, glazes | $327.9 million | -21.1% |
| 194 | Plastic tubes, pipes, fittings | $317.9 million | +22.9% |
| 195 | Silicones | $315.5 million | +17.7% |
| 196 | Stone/mineral substance articles | $306.1 million | +34% |
| 197 | Iron or steel scrap | $303.1 million | -18.5% |
| 198 | Miscellaneous carbon | $299.2 million | +42.5% |
| 199 | Sodium/potash hydroxide, peroxide | $292.2 million | +7.6% |
| 200 | Newsprint (rolls or sheets) | $288.1 million | +7.9% |
These 200 exported goods were worth a subtotal of US$558.3 billion or 92.2% by value for all products exported from South Korea during 2018.
See also South Korea’s Top 10 Major Export Companies, South Korea’s Top Trade Partners and Top South Korean Trade Balances
Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 2, 2019
International Trade Centre, Trade Map. Accessed on September 2, 2019
Investopedia, Net Exports Definition. Accessed on September 2, 2019
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on September 2, 2019
Wikipedia, Gross domestic product. Accessed on September 2, 2019
Wikipedia, List of Companies of South Korea. Accessed on September 2, 2019
Wikipedia, Purchasing power parity. Accessed on September 2, 2019
Zepol’s company summary highlights by country. Accessed on October 21, 2015
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