Xifres de comerç exterior de Corea del Sud

Foreign Trade in Figures

The export-oriented policies of South Korea are one of the most important factors in its economic success, with trade accounting for 88% of its GDP (World Bank). According to data by OEC, in 2023,  the country’s main exports included integrated circuits (20.8%), cars (10%), refined petroleum (7.6%), office machine parts (2.8%), and motor vehicle parts and accessories (2.7%); whereas imports were led by integrated circuits (16.5%), petroleum gas (7.2%), crude petroleum (6.8%), machinery having individual functions (6.8%), and cars (4.4%).

South Korea is heavily integrated into international trade and finance and is subsequently highly vulnerable to external influences, especially from China, which is its main trade partner (25.1% of total exports in 2023), followed by the United States (18.3%), Hong Kong (4.5%), Japan (4.4%), and Taiwan (4.4%). Its main suppliers are China (48.8%), the United States (20.3%), Japan (14.2%), Germany (7.2%), and Australia (6.9% data OEC 2023). South Korea has concluded free-trade agreements with many countries (the last one with five Central American countries) representing more than 70% of the global economy. The country recently decided to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was signed by 11 Asia-Pacific countries in March 2018. On the 15th of November 2020, South Korea signed the Regional Comprehensive Economic Partnership (RCEP) with 14 other Indo-Pacific countries. This free trade agreement is the largest trade deal in history, covering 30% of the global economy. It includes the Association of Southeast Asian Nations (ASEAN: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and ASEAN’s free trade agreement partners (Australia, China, India, Japan, New Zealand and the Republic of Korea). The RCEP covers goods, services, investment, economic and technical cooperation. It also creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium-sized enterprises.

South Korea’s trade balance is structurally positive; however, the surplus has been decreasing in recent years. According to WTO, exports of goods amounted to USD 632.2 billion in 2023, while imports reached USD 642.5 billion (-7.5% and -12.1% y-o-y, respectively). As per services, exports stood at USD 124.4 billion (-5.4%) against USD 150.1 billion in imports (+8.1%). The Ministry of Trade, Industry and Energy (MOTIE) reported that South Korea’s 2024 exports reached a record high of USD 683.8 billion, surpassing the previous record of USD 683.6 billion in 2022. Daily average exports increased by 8.2% to USD 2.53 billion, outperforming the USD 2.51 billion in 2022. Semiconductor exports surged 43.9% to USD 141.9 billion, while automobile exports remained steady at USD 70.8 billion, down 0.1% due to production setbacks from strikes. Imports for 2024 dropped 1.6% year-on-year to USD 632.0 billion, mainly due to reduced energy imports. The trade balance posted a surplus of USD 51.8 billion, a USD 62.1 billion improvement from 2023, marking the highest surplus since 2018.