Overview In July 2024 South Korea exported $57B and imported $53.8B, resulting in a positive trade balance of $3.14B. Between July 2023 and July 2024 the exports of South Korea have increased by $6.77B (13.5%) from $50.2B to $57B, while imports increased by $5.16B (10.6%) from $48.7B to $53.8B.
Trade In July 2024, the top exports of South Korea were Electrical machinery and electronics ($17.9B), Cars, tractors, trucks & parts thereof. ($7.33B), Machinery, mechanical appliances, & parts ($7.09B), Mineral fuels, mineral oils and products... ($4.73B), and Plastics & articles thereof ($3.19B). In July 2024 the top imports of South Korea were Mineral fuels, mineral oils and products... ($13.1B), Electrical machinery and electronics ($10.5B), Machinery, mechanical appliances, & parts ($5.21B), Optical, photo, & film equipment; medical... ($1.97B), and Cars, tractors, trucks & parts thereof. ($1.85B).
Destinations In July 2024, South Korea exported mostly to China ($11.4B), United States ($10.2B), Vietnam ($4.97B), Chinese Taipei ($2.77B), and Japan ($2.6B), and imported mostly from China ($11.9B), United States ($7.91B), Japan ($4.11B), Saudi Arabia ($2.76B), and Chinese Taipei ($2.55B).
Growth In July 2024, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to China ($1.52B or 15.4%), Chinese Taipei ($1.36B or 96.9%), and United States ($884M or 9.53%), and product exports increase in Electrical machinery and electronics ($4.23B or 30.9%), Machinery, mechanical appliances, & parts ($1.29B or 22.2%), and Mineral fuels, mineral oils and products... ($874M or 22.7%). In July 2024, the increase in South Korea's year-by-year imports was explained primarily by an increase in imports from United States ($2.6B or 49.1%), China ($778M or 6.97%), and Chinese Taipei ($494M or 24%), and product imports increase in Mineral fuels, mineral oils and products... ($1.76B or 15.5%), Aircraft and spacecraft ($1.1B or 786%), and Electrical machinery and electronics ($510M or 5.09%).
