Overview In January 2024 South Korea exported $54.3B and imported $54.3B, resulting in a negative trade balance of $46.8M. Between January 2023 and January 2024 the exports of South Korea have increased by $8.13B (17.6%) from $46.2B to $54.3B, while imports decreased by $-4.53B (-7.69%) from $58.9B to $54.3B.
Trade In January 2024, the top exports of South Korea were Electrical machinery and electronics ($15.1B), Cars, tractors, trucks & parts thereof. ($7.92B), Machinery, mechanical appliances, & parts ($6.05B), Mineral fuels, mineral oils and products... ($4.89B), and Plastics & articles thereof ($3.04B). In January 2024 the top imports of South Korea were Mineral fuels, mineral oils and products... ($15.7B), Electrical machinery and electronics ($10.1B), Machinery, mechanical appliances, & parts ($5.47B), Optical, photo, & film equipment; medical... ($1.78B), and Ores, slag and ash ($1.75B).
Destinations In January 2024, South Korea exported mostly to China ($10.7B), United States ($10.2B), Vietnam ($4.19B), Hong Kong ($2.68B), and Japan ($2.54B), and imported mostly from China ($12.4B), United States ($6.13B), Japan ($3.75B), Australia ($3.29B), and Saudi Arabia ($2.65B).
Growth In January 2024, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to United States ($2.18B or 27.1%), Hong Kong ($1.56B or 140%), and China ($1.48B or 16%), and product exports increase in Electrical machinery and electronics ($2.98B or 24.6%), Cars, tractors, trucks & parts thereof. ($1.37B or 20.9%), and Machinery, mechanical appliances, & parts ($1.26B or 26.3%). In January 2024, the decrease in South Korea's year-by-year imports was explained primarily by an decrease in imports from United States ($-826M or -11.9%), Australia ($-825M or -20%), and China ($-740M or -5.63%), and product imports decrease in Mineral fuels, mineral oils and products... ($-2.06B or -11.6%), Inorganic chemicals ($-1.02B or -46.6%), and Cars, tractors, trucks & parts thereof. ($-610M or -31.9%).
