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South Korea’s exports: goods and services 

21 julio, 2024
English
Stacked containers and port workers symbolize international trade, logistics, and tariff pressure on imports, against a backdrop of economic tensions between countries.
Photo: Simon R. Minshall, via Pexels. Containers at the port and dockworkers illustrate the logistics chain affected by new tariffs, the flow of goods, and dependence on foreign trade.

South Korea‘s exports (goods and services) accounted for 41.5% of that nation’s Gross Domestic Product (GDP) in 2023.

In that year, these overseas sales were 997 trillion won, a year-on-year decline of 5.3%, at chained 2020 prices, according to data from The Bank of Korea.

Here’s how South Korea’s exports trended over the past five years, in trillions of won:

  • 2019: 756
  • 2020: 713
  • 2021: 874
  • 2022: 1053
  • 2023: 997

South Korea’s exports

According to preliminary data, South Korean GDP grew 1.4% in 2023, measured at 2020 prices. 

South Korean exports of products recorded a year-on-year decline of 7% in 2023 to $632.2 billion.

Below are the top products South Korea exported in 2023, in millions of dollars:

  • Electronic integrated circuits: 86,100.
  • Automobiles: 68,300.
  • Petroleum oils, except crude oil: 50,900.
  • Certain auto parts: 19,400.
  • Flat panel display modules, including with embedded touch screen: 17,000.

Manufacturing

The South Korean manufacturing sector increased output 0.9% in 2019, mainly due to higher demand for consumer electronics and electronic components, including semiconductors. 

However, in 2020, production declined 0.4% due to the drop in demand for automobiles. 

In 2021, the sector grew again, this time 8.2%, driven by growing demand for consumer electronics, electronic components and machinery. 

Then, in 2022, output rose 0.6%, thanks to higher demand for electrical equipment and automobiles. 

However, according to preliminary data, in 2023, output declined 0.1%, due to a drop in demand for electrical equipment and electronic components.

Surplus

According to preliminary data, South Korea posted a current account surplus of US$16.8 billion in the first quarter of 2024. 

The result contrasts with a deficit of US$6.0 billion in the same period of 2023. 

This change was mainly due to the transition from a deficit to a surplus on the goods account and a reduction in the deficit on the services account. 

However, these effects were partly offset by a decrease in the surplus on the income account.

 

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