That dollar total results from an 8.1% year-over-year advance from $632.2 billion in 2023.
Enlarging to a 5-year time frame, the value of South Korean exports grew by 33.3% compared to $512.8 billion for 2020.
Based on the average exchange rate for 2024, the South Korean won has depreciated by -4.2% against the US dollar from 2023 to 2024. The Republic of South Korea’s weaker local currency made Korean exports paid for in stronger US dollars relatively less expensive in 2024.
South Korea’s 5 biggest export products by value in 2024 were electronic integrated circuits, cars, refined petroleum oils, cruise or cargo ships and barges, then automobile parts or accessories,. In aggregate, those major exports generated just over two-fifths (40.8%) of South Korea’s overall exports. That percentage suggests a relatively concentrated range of exported goods.
South Korea is the world leader for exporting cruise or cargo ships and ranks among the top countries for global sales of electronic integrated circuits, cars, refined oils and mobile phones.
South Korea’s Best International Trade Customers
The latest available country-specific data shows that 73.9% of products exported from South Korea was bought by importers in: mainland China (19.5% of the Korean total), United States of America (18.8%), Vietnam (8.5%), Hong Kong (5.1%), Taiwan (5%), Japan (4.3%), India (2.73%), Singapore (2.66%), Australia (2.3%), Mexico (2%), Malaysia (1.53%) and Canada (1.51%).
From a continental perspective, approaching three-fifths (58.7%) of South Korea’s exports by value in 2024 was delivered to fellow Asian countries while 22.4% was sold to importers in North America. South Korea shipped another 12.1% worth of goods to buyers in Europe.
Smaller percentages went to customers in Oceania (3.2%) led by Australia, New Zealand and Marshall Islands, Latin America (1.9%) excluding Mexico but including the Caribbean, then Africa (1.8%).
Given South Korea’s population of 51.8 million people, its total $683.7 billion in products exported during 2024 translates to roughly $13,200 for every resident in the southeast Asian nation. That per-capita dollar amount exceeds the average $12,250 in 2023.
South Korea’s Top 10 Exports
The following export product groups categorize the highest dollar value in South Korean global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall South Korean exports.
- Electrical machinery, equipment: US$212.9 billion (31.1% of total exports)
- Vehicles: $91.9 billion (13.4%)
- Machinery including computers: $80.5 billion (11.8%)
- Mineral fuels including oil: $52.6 billion (7.7%)
- Plastics, plastic articles: $36.2 billion (5.3%)
- Iron, steel: $24.8 billion (3.6%)
- Ships, boats: $24 billion (3.5%)
- Organic chemicals: $22.2 billion (3.2%)
- Optical, technical, medical apparatus: $16.9 billion (2.5%)
- Articles of iron or steel: $9.9 billion (1.4%)
South Korea’s top 10 export product categories are relatively concentrated, accounting for 83.7% of the overall value of its shipments.
Double-digit gainers among South Korea’s top export product categories were electrical machinery and equipment (up 24.3% from 2023), ships and boats (up 18.3%) then machinery including computers (up 10.6%).
The severest declines belong to South Korean exports of items made from iron or steel (down -8.9% from 2023) and the actual metals iron and steel (down -3.6%).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section below.
South Korea’s most valuable export commodities from the four-digit designation were electronic integrated circuits or microassemblies (17.6% of the Korean total), cars (10%), processed petroleum oils (7.2%), cruise or cargo ships and barges (3.3%), automobile parts or accessories (2.8%), flat panel displays (2.5%), computer parts or accessories (also 2.5%), unrecorded sound media (1.7%), television, radio or radar device parts (1.4%) then cyclic hydrocarbons (1.3%).
South Korean Major Product Trade Surpluses
South Korea incurred an overall US$51.6 billion trade surplus for 2024, reversing a -$10.3 billion deficit one year earlier during 2023.
The following types of South Korean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Electrical machinery, equipment: US$88.8 billion (Up by 71.3% since 2023)
- Vehicles: $72.1 billion (Up by 3.4%)
- Plastics, plastic articles: $23.1 billion (Up by 3.5%)
- Ships, boats: $20.9 billion (Up by 11.8%)
- Machinery including computers: $14.5 billion (Up by 49.6%)
- Iron, steel: $10.6 billion (Up by 14.2%)
- Organic chemicals: $8.1 billion (Up by 5.9%)
- Perfumes, cosmetics: $7.8 billion (Up by 26.1%)
- Rubber, rubber articles: $4.7 billion (Up by 13.2%)
- Articles of iron or steel: $1.7 billion (Down by -50.7%)
South Korea has highly positive net exports in the international trade of electrical machinery and equipment, as well as vehicles, notably cars and automotive parts or accessories. These cashflows indicate South Korea’s strong competitive advantages under the related product categories.
South Korean Major Product Trade Deficits
Below are exports from South Korea that are negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on South Korea’s goods trail the home country’s import spending on foreign products.
- Mineral fuels including oil: -US$117.3 billion (Down by -23.8% since 2023)
- Ores, slag, ash: -$17.9 billion (Down by -10.6%)
- Meat: -$6.6 billion (Down by -9.8%)
- Clothing, accessories (not knit or crochet): -$6.1 billion (Down by -0.7%)
- Cereals: -$5.5 billion (Down by -15.9%)
- Inorganic chemicals: -$5.2 billion (Up by 17.9%)
- Optical, technical, medical apparatus: -$5.1 billion (Up by 13.2%)
- Knit or crochet clothing, accessories: -$3.9 billion (Down by -4.6%)
- Pharmaceuticals: -$3.75 billion (Down by -14.1%)
- Aluminum: -$3.68 billion (Down by -10.9%)
South Korea has highly negative net exports and therefore notable international trade deficits for crude oil and petroleum gases, key inputs needed for its highly industrialized economy to function effectively.
These cashflow deficiencies clearly indicate South Korea’s competitive disadvantages in the international fossil fuel market, but also represent potential opportunities for South Korea to improve its position in the global economy by innovating via alternative energy supplies.
South Korea’s Main Export Companies
Wikipedia lists many of the larger international trade players from South Korea including:
- Doosan Heavy Industries (heavy machinery)
- Hynix Semiconductor (semiconductors)
- Hyundai Motor (car, truck manufacturing)
- KT&G (tobacco)
- LG Electronics (consumer electronics)
- Lotte Chemical (specialized chemicals)
- SK Holdings (oil, gas)
- S-Oil (oil, gas)
According to global trade intelligence firm Zepol, the following companies are also examples of South Korean exporters.
- Hankook Tire (rubber inner tubes, vehicle tires, latex)
- LG Electronics (dryers, washing machines, refrigerators, freezers)
- Samsung Electronics (telecommunication equipment, refrigerators, freezers)
In macroeconomic terms, South Korea’s total exported goods represent 21% of its overall Gross Domestic Product for 2024 ($3.258 trillion valued in Purchasing Power Parity US dollars). That 21% for exports to overall GDP in PPP for 2024 compares to 21.6% one year earlier. Those percentages suggest a modestly decreasing reliance on products sold on international markets for South Korea’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. South Korea’s unemployment rate averaged 2.9% for 2024, up from an average 2.7% in 2023 according to International Monetary Fund statistics.
Domestically, South Koreans experienced an average inflation rate of 2.52% for 2024 down from average inflation of 3.597% in 2023.
South Korea’s capital city is Seoul.
See also South Korea’s Top 10 Major Export Companies, South Korea’s Top Trade Partners and Top South Korean Trade Balances
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on March 12, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 12, 2025
International Trade Centre, Trade Map. Accessed on March 12, 2025
Investopedia, Net Exports Definition. Accessed on March 12, 2025
Wikipedia, Gross domestic product. Accessed on March 12, 2025
Wikipedia, List of Companies of South Korea. Accessed on March 12, 2025
Wikipedia, Purchasing power parity. Accessed on March 12, 2025
X-rates.com, Exchange Rates: South Korean Won to US Dollar (monthly average 2024). Accessed on March 12, 2025
Zepol’s company summary highlights by country. Accessed on March 12, 2025