Top South Korea Export Data in 2023 - Tendata

tendata blogExport News

ten data blog11-05-2024

According to South Korea export data, the total export value in 2023 was $632.2 billion, a year-on-year decrease of -7.5% compared to $683.6 billion in 2022.

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South Korea's Top International Trade Partners

The latest South Korea export data shows that 72.1% of South Korea's export products were purchased by importers from the following countries: Mainland China (19.7%), the United States (18.4%), Vietnam (8.5%), Japan (4.6%), Hong Kong (4%), Taiwan (3.2%), Singapore (3%), India (2.84%), Australia (2.81%), Mexico (1.9%), Germany (1.6%), and Malaysia (1.5%).

According to South Korea export data, from the perspective of Mainland China, 57.1% of South Korea's exports went to other Asian countries in 2023, while 21.7% went to North American importers. South Korea also exported an additional 13.2% of goods to European buyers. A smaller proportion flowed to Oceania (4.3%), Africa (1.88%), followed by Latin America (1.85%).

Top 10 Export Products from South Korea

According to Tendata's South Korea export data, the top ten export products accounted for 83.1% of South Korea's total export volume:

1. Machinery and equipment: $171.3 billion (27.1%)

2. Vehicles: $91.8 billion (14.5%)

3. Machinery including computers: $72.8 billion (11.5%)

4. Mineral fuels including oil: $54 billion (8.5%)

5. Plastics and plastic products: $35 billion (5.5%)

6. Iron and steel: $25.7 billion (4.1%)

7. Organic chemicals: $21.2 billion (3.4%)

8. Ships: $20.3 billion (3.2%)

9. Optical, technical, medical equipment: $16.9 billion (2.7%)

10. Inorganic chemicals: $16.4 billion (2.6%)

South Korea export data shows that the only products among the main export categories that saw growth were vehicles (increased by 21.4% compared to 2022), ships (increased by 18.5%), followed by inorganic chemicals (increased by 4.5%). The most significant declines were in South Korea's exports of electrical machinery and equipment (down -18.6% compared to 2022) and mineral fuels including oil exports (down -16.5%).

According to More Specific Hs Codes, The Top 10 Export Products from South Korea Were:

1. HS Code:8901201000(39.79%, $4383 Million):Sea-going tankers

2. HS Code:29023000(3.87%, $426.72 Million):Toluene

3. HS Code:25202010(3.74%, $412.14 Million):Plasters consisting of calcined gypsum or calcium sulphate, whether or not coloured, with or without small quantities of accelerators or retarders: Calcined plasters

4. HS Code:85423900(3.32%, $365.45 Million):Electronic integrated circuits (excluding such as processors, controllers, memories and amplifiers)

5. HS Code:7904000010(3.01%, $331.29 Million):Zinc bars, rods, profiles and wire, n.e.s. , n.e.s. (detailed label not available)

6. HS Code:28080000(2.77%, $305.53 Million):Nitric acid; sulphonitric acids (detailed label not available)

7. HS Code:890590100000(2.74%, $301.92 Million):Light-vessels, fire-floats, floating cranes and other vessels, the navigability of which is subsidiary to their main function (excluding dredgers, floating or submersible drilling or production platforms; fishing vessels and warships): Floating docks

8. HS Code:85423100(2.69%, $295.91 Million):Electronic integrated circuits as processors and controllers, whether or not combined with memories, converters, logic circuits, amplifiers, clock and timing circuits, or other circuits

9. HS Code:49089000(1.97%, $216.73 Million):Transfers "decalcomanias" (excluding vitrifiable)

10. HS Code:83024999(1.72%, $189.72 Million):Bathroom curtain rods: the rest.

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