South Korea's Top Imports & Exports 2008
South Korean Exports from DVDs to Synthetic Rubber Post Gains
Sep 28, 2009
Attaining a Gross Domestic Product (GDP) valued at US$947 billion, South Korea was the world’s 15th richest country in 2008.
With a population of 48.5 million South Koreans who enjoyed an average GDP of $27,600 per person last year, South Korea finished 50th among other nations in terms of GDP per capita.
As the world’s 11th biggest exporter, South Korea shipped $433.5 billion worth of exports in 2008. Principal South Korean exports include computers, motor vehicles, petrochemicals, semiconductors, steel and wireless telecommunications. Based on 2008 statistics, South Korea’s largest export clients were China (25.5%), the United States (10.9%) and Japan (6.4%).
According to the CIA World Factbook, South Korea imported $427.4 billion worth of foreign goods last year including electronics, machinery, oil, organic chemicals, plastics, steel and transport equipment. Leading suppliers to the South Korean market were China (19.2%), Japan (15.1%), the United States (8.8%) and Saudi Arabia (6.1%).
In total, South Korea’s international trade amounted to $699.9 billion or 90.9% of its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
South Korean Trade with the U.S.
Last year, South Korean exports to America rose 1.1% to $48.1 billion. Over that same period, South Koreans consumed $34.7 billion worth of U.S. imports – an increase of 0.8%.
Therefore, South Korea’s trade surplus with the U.S. amounted to $13.4 billion in 2008.
The lists below present the top 10 exports and imports that American and South Korean enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
South Korea’s Top Exports to America
Among the top 10 most popular exports from South Korea to the U.S. last year, smaller-ticket consumer household items experienced the highest percentage sales gains. Six of these highest-volume product categories were down from 2007 or showed minor gains of less than 5%.
- Household goods including clocks … US$8.6 billion, up 34.6% from 2007 (18% of US imports from South Korea)
- Passenger cars … $7.4 billion, down 10% (15.4%)
- Other petroleum products … $2.8 billion, down 35.1% (5.8%)
- Semiconductors … $2.64 billion, up 4.7% (5.5%)
- Other vehicle parts … $2.61 billion, down 4.2% (5.4%)
- Computer accessories … $2.4 billion, down 18.6% (5.1%)
- Household and kitchen appliances … $1.6 billion, up 2.9% (3.3%)
- Telecommunications equipment … $1.3 billion, up 0.6% (2.8%)
- Other industrial machinery … $1.1 billion, up 13.1% (2.29%)
- Semi-finished iron and steel products … $1.096 billion, up 31.1% (2.28%).
Fastest-Growing South Korean Exports to the U.S.
Six of the following fastest-growing export categories showed triple-digit percentage increases in 2008 over last year.
- Unmanufactured steelmaking materials … US$202.9 million, up 235.7% from 2007
- DVDs, CDs, disks and tapes … $212.4 million, up 170.9%
- Synthetics (rubber, wood, cork, resins) … $193.8 million, up 161.3%
- Laboratory, testing and control instruments … $556.5 million, up 122%
- Oilfield and drilling equipment … $814.5 million, up 115.3%
- Other non-agriculture foods and additives … $37.7 million, up 106.4%
- Fertilizers and pesticides … $36.4 million, up 63.9%
- Measuring and testing instruments … $183.6 million, up 40.8%
- Newsprint … $15 million, up 38.1%
- Industrial organic chemicals … $205.7 million, up 35.8%.
South Korea’s Top Imports from America
Below are the top 10 goods that South Korea imported from the U.S. during 2008.
- Semiconductors … US$3.1 billion, down 17.8% from 2007 (8.9% of US exports to South Korea)
- Other industrial machines … $2.4 billion, down 14.4% (6.8%)
- Corn … $2.2 billion, up 159.8% (6.3%)
- Organic chemicals … $1.5 billion, down 18.8% (4.4%)
- Civilian aircraft … $1.28 billion, down 31.5% (3.7%)
- Steelmaking materials … $1.27 billion, up 118.4% (3.66%)
- Measuring and testing instruments … $977.4 million, down 34.5% (2.8%)
- Other petroleum products … $941.9 million, down 6.5% (2.7%)
- Telecommunications equipment … $791.2 million, down 17.1% (2.3%)
- Electric apparatus … $744.6 million, up 12.7% (2.1%).
Fastest-Growing South Korean Imports from the U.S.
Among America’s higher-dollar value exports to South Korea in 2008, corn and steelmaking materials had dramatic increases of some 160% and 120% respectively.
- Coal … US$177.1 million, up 1,563% from 2007
- Non-monetary gold … $16.7 million, up 358.4%
- Corn … $2.2 billion, up 159.8%
- Oilfield and drilling equipment … $502.6 million, up 149.7%
- Other coal and fuels … $31 million, up 138.5%
- Steelmaking materials … $1.27 billion, up 118.4%
- Glass (plates, sheets) … $30.9 million, up 89.3%
- Iron and steel mill products … $121.1 million, up 85.7%
- Unmanufactured steel mill products … $102.9 million, up 76.1%
- Rice … $80.4 million, up 74.1%.
South Korean exports to the world totaled $433.5 billion, up 14.4% from $379 billion in 2007. However, the 2008 statistic includes steelmaking and machinery exports that were one-time shipments to China for last year’s Beijing Olympic Games.
In late 2008, South Korea’s export-dependent economy started to feel the severe effects of coping with a world recession. Passenger car exports to the U.S. showed a 15.4% drop during 2008.
Record declines in South Korean exports started in January 2009. In retrospect, 2008 may well turn out to be a fabulous trade year for a productive – but highly trade dependent – Eastern Asian nation.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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