Overview In April 2024 South Korea exported $56B and imported $54.7B, resulting in a positive trade balance of $1.28B. Between April 2023 and April 2024 the exports of South Korea have increased by $6.56B (13.3%) from $49.4B to $56B, while imports increased by $2.49B (4.77%) from $52.2B to $54.7B.
Trade In April 2024, the top exports of South Korea were Electrical machinery and electronics ($15.6B), Cars, tractors, trucks & parts thereof. ($8.54B), Machinery, mechanical appliances, & parts ($6.68B), Mineral fuels, mineral oils and products... ($4.55B), and Plastics & articles thereof ($3.22B). In April 2024 the top imports of South Korea were Mineral fuels, mineral oils and products... ($14.5B), Electrical machinery and electronics ($10B), Machinery, mechanical appliances, & parts ($5.48B), Cars, tractors, trucks & parts thereof. ($1.89B), and Optical, photo, & film equipment; medical... ($1.84B).
Destinations In April 2024, South Korea exported mostly to United States ($11.4B), China ($10.5B), Vietnam ($4.61B), Hong Kong ($2.94B), and Japan ($2.45B), and imported mostly from China ($12.4B), United States ($6.01B), Japan ($4.13B), Australia ($2.96B), and Saudi Arabia ($2.84B).
Growth In April 2024, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to United States ($2.23B or 24.3%), Hong Kong ($1.46B or 99.2%), and China ($958M or 10.1%), and product exports increase in Electrical machinery and electronics ($3.72B or 31.3%), Machinery, mechanical appliances, & parts ($1.01B or 17.9%), and Mineral fuels, mineral oils and products... ($665M or 17.1%). In April 2024, the increase in South Korea's year-by-year imports was explained primarily by an increase in imports from United Arab Emirates ($983M or 96.2%), China ($632M or 5.36%), and United States ($488M or 8.84%), and product imports increase in Mineral fuels, mineral oils and products... ($1.92B or 15.3%), Electrical machinery and electronics ($1.06B or 11.8%), and Precious stones, metals, & pearls ($483M or 115%).
