That dollar total results from a -7.5% year-over-year decline from $683.6 billion in 2022.
Enlarging to a 5-year time frame, the value of South Korean exports grew by 16.6% compared to $542.3 billion for 2019.
Based on the average exchange rate for 2023, the South Korean won has depreciated by -12% against the US dollar since 2019 and diluted by -1.1% from 2022 to 2023. The Republic of South Korea’s weaker local currency made Korean exports paid for in stronger US dollars relatively less expensive in 2023.
South Korea’s 5 biggest export products by value in 2023 were electronic integrated circuits, cars, refined petroleum oils, automobile parts or accessories, then flat panel displays. In aggregate, those major exports accounted for almost two-fifths (38.2%) 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 72.1% of products exported from South Korea were bought by importers in: mainland China (19.7% of the Korean total), United States of America (18.4%), Vietnam (8.5%), Japan (4.6%), Hong Kong (4%), Taiwan (3.2%), Singapore (3%), India (2.84%), Australia (2.81%), Mexico (1.9%), Germany (1.6%) and Malaysia (1.5%).
From a continental perspective, under three-fifths (57.1%) of South Korea’s exports by value in 2023 was delivered to fellow Asian countries while 21.7% were sold to importers in North America. South Korea shipped another 13.2% worth of goods to buyers in Europe.
Smaller percentages went to Oceania (4.3%) led by Australia and Marshall Islands, Africa (1.88%), then Latin America (1.85%) excluding Mexico but including the Caribbean.
Given South Korea’s population of 51.6 million people, its total $632.2 billion in products exported during 2023 translates to roughly $12,250 for every resident in the southeast Asian nation. That per-capita dollar amount lags the average $13,200 in 2022.
South Korea’s Top 10 Exports
The following export product groups categorize the highest dollar value in South Korean global shipments during 2023. South Korea’s top 10 exports are relatively concentrated, accounting for 84% of the overall value of its shipments. Also shown is the percentage share each export category represents in terms of overall South Korean exports.
- Electrical machinery, equipment: US$171.3 billion (27.1% of total exports)
- Vehicles: $91.8 billion (14.5%)
- Machinery including computers: $72.8 billion (11.5%)
- Mineral fuels including oil: $54 billion (8.5%)
- Plastics, plastic articles: $35 billion (5.5%)
- Iron, steel: $25.7 billion (4.1%)
- Organic chemicals: $21.2 billion (3.4%)
- Ships, boats: $20.3 billion (3.2%)
- Optical, technical, medical apparatus: $16.9 billion (2.7%)
- Inorganic chemicals: $16.4 billion (2.6%)
The only gainers among South Korea’s top export product categories were vehicles (up 21.4% from 2022), ships and boats (up 18.5%), then inorganic chemicals (up 4.5%).
The severest declines belong to South Korean exports of electrical machinery and equipment (down -18.6% from 2022) and mineral fuels including oil (down -16.5%).
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 Searchable List of South Korea’s Most Valuable Export Products further down this article.
South Korean Major Product Trade Surpluses
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.
- Vehicles: US$69.7 billion (Up by 29.1% since 2022)
- Electrical machinery, equipment: $51.8 billion (Down by -34.1%)
- Plastics, plastic articles: $22.3 billion (Down by -18.4%)
- Ships, boats: $18.7 billion (Up by 25%)
- Machinery including computers: $9.7 billion (Up by 110.1%)
- Iron, steel: $9.3 billion (Up by 1%)
- Organic chemicals: $7.6 billion (Down by -11.5%)
- Perfumes, cosmetics: $6.2 billion (Up by 8%)
- Rubber, rubber articles: $4.2 billion (Down by -4.5%)
- Articles of iron or steel: $3.5 billion (Down by -21.6%)
South Korea has highly positive net exports in the international trade of vehicles, notably cars and automotive parts or accessories. These cashflows indicate South Korea’s strong competitive advantages under the vehicles product category.
South Korean Major Product Trade Deficits
South Korea incurred an overall -US$10.3 billion trade deficit for 2023, reducing by -78.3% from $47.8 billion in red ink one year earlier during 2022.
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 2022)
- 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: -$3.68 billion (Down by -10.9%)
South Korea has highly negative net exports and therefore deep international trade deficits for crude oil and petroleum gases, key inputs needed for its highly industrialized economy to function effectively.
These cashflow deficiencies clearly indicate South Korea’s competitive disadvantages in the international fossil fuel market, but also represent potential opportunities for South Korea to improve its position in the global economy by innovating via alternative energy supplies.
South Korea’s Main Export Companies
Wikipedia lists many of the larger international trade players from South Korea including:
- Doosan Heavy Industries (heavy machinery)
- Hynix Semiconductor (semiconductors)
- Hyundai Motor (car, truck manufacturing)
- KT&G (tobacco)
- LG Electronics (consumer electronics)
- Lotte Chemical (specialized chemicals)
- SK Holdings (oil, gas)
- S-Oil (oil, gas)
According to global trade intelligence firm Zepol, the following companies are also examples of South Korean exporters.
- Hankook Tire (rubber inner tubes, vehicle tires, latex)
- LG Electronics (dryers, washing machines, refrigerators, freezers)
- Samsung Electronics (telecommunication equipment, refrigerators, freezers)
Searchable List of South Korea’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from South Korea during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Export Product | Value (US$) | YoY |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $86,134,555,000 | -23.7% |
| 2 | Cars | $68,260,793,000 | +32.1% |
| 3 | Processed petroleum oils | $50,890,325,000 | -17.3% |
| 4 | Automobile parts/accessories | $19,431,948,000 | -2.5% |
| 5 | Flat panel displays | $17,043,201,000 | -12.4% |
| 6 | Cruise/cargo ships, barges | $16,715,376,000 | +9.5% |
| 7 | Oxometal/peroxometal acid salts | $12,702,105,000 | +12.7% |
| 8 | Electric storage batteries | $9,831,355,000 | -1.5% |
| 9 | Computer parts, accessories | $9,053,549,000 | -27.8% |
| 10 | Cyclic hydrocarbons | $8,987,900,000 | -7.8% |
| 11 | TV/radio/radar device parts | $8,345,069,000 | +26.6% |
| 12 | Phone devices including smartphones | $7,221,050,000 | -12.6% |
| 13 | Beauty/makeup/skin care preparations | $7,181,882,000 | +7.4% |
| 14 | Flat-rolled iron or non-alloy steel products (plated/coated) | $6,765,701,000 | -9.8% |
| 15 | Hot-rolled iron or non-alloy steel products | $6,643,101,000 | -0.8% |
| 16 | Machinery for making semi-conductors | $6,595,182,000 | -18.7% |
| 17 | Miscellaneous machinery | $6,520,771,000 | +10.9% |
| 18 | Ethylene polymers | $6,034,731,000 | -16.9% |
| 19 | Unrecorded sound media | $5,971,275,000 | -58.2% |
| 20 | Polyacetal/ether/carbonates | $5,306,241,000 | -22.2% |
| 21 | Blood fractions (including antisera) | $4,902,889,000 | -6.4% |
| 22 | Printed circuits | $4,645,903,000 | -21.9% |
| 23 | Other measuring/testing machines | $4,547,083,000 | +12.1% |
| 24 | Propylene/olefin polymers | $4,090,817,000 | -18.7% |
| 25 | Solar power diodes/semi-conductors | $3,878,217,000 | -15.4% |
| 26 | Insulated wire/cable | $3,861,705,000 | +3.8% |
| 27 | Heavy machinery (bulldozers, excavators, road rollers) | $3,830,136,000 | +4.3% |
| 28 | Electrical converters/power units | $3,516,722,000 | +27.9% |
| 29 | Air or vacuum pumps | $3,394,356,000 | +10.5% |
| 30 | Light vessels, fire boats, floating docks | $3,388,158,000 | +98% |
| 31 | Rubber tires (new) | $3,247,714,000 | +1.1% |
| 32 | Piston engine parts | $3,192,344,000 | +6.2% |
| 33 | Refrigerators, freezers | $3,149,806,000 | -1.4% |
| 34 | Lower-voltage switches, fuses | $3,063,702,000 | -7.5% |
| 35 | Plastic plates, sheets, film, tape, strips | $3,017,413,000 | -7.2% |
| 36 | Styrene polymers | $2,996,264,000 | -20.4% |
| 37 | Polycarboxylic acids | $2,877,960,000 | +6.5% |
| 38 | Cold-rolled iron or non-alloy steel products | $2,648,794,000 | -15.6% |
| 39 | Synthetic rubber | $2,644,885,000 | -15% |
| 40 | Acyclic hydrocarbons | $2,626,411,000 | -29.3% |
| 41 | Optical fiber cables, sheets, plates | $2,613,977,000 | -27.9% |
| 42 | Centrifuges, filters and purifiers | $2,529,192,000 | -0.2% |
| 43 | Temperature-change machines | $2,508,720,000 | +28.7% |
| 44 | Electro-medical equipment (e.g. xrays) | $2,470,282,000 | -1.4% |
| 45 | Chemical industry products/residuals | $2,394,748,000 | +47.2% |
| 46 | Taps, valves, similar appliances | $2,267,555,000 | +10.5% |
| 47 | Machinery parts | $2,227,678,000 | -9.7% |
| 48 | Flat-rolled other alloy steel products | $2,217,288,000 | -6.3% |
| 49 | Electrical/optical circuit boards, panels | $2,104,916,000 | +34.8% |
| 50 | Aluminum plates, sheets, strips | $2,098,645,000 | -22.1% |
| 51 | Miscellaneous iron and steel structures | $2,077,128,000 | -3.8% |
| 52 | Refined copper, unwrought alloys | $1,873,520,000 | -27.9% |
| 53 | Lifting/loading machinery | $1,844,402,000 | +47.4% |
| 54 | Plastic plates, sheets, film, tape, strips | $1,830,551,000 | -10.5% |
| 55 | Trucks | $1,805,836,000 | +10.5% |
| 56 | Acrylic polymers | $1,800,687,000 | -12.8% |
| 57 | Coal tar oils (high temperature distillation) | $1,792,844,000 | +15.2% |
| 58 | Miscellaneous iron or steel items | $1,733,951,000 | -10% |
| 59 | Electrical capacitators | $1,724,179,000 | +8.7% |
| 60 | Flat-rolled stainless steel items | $1,717,014,000 | -5.9% |
| 61 | Zinc (unwrought) | $1,708,191,000 | -16.2% |
| 62 | Miscellaneous plastic items | $1,685,102,000 | -4.4% |
| 63 | Silver (unwrought) | $1,678,129,000 | +2.9% |
| 64 | Self-adhesive plastic in rolls | $1,672,103,000 | +1% |
| 65 | Miscellaneous iron or steel tubes, pipes | $1,659,221,000 | -25.2% |
| 66 | Liquid pumps and elevators | $1,559,571,000 | +5.3% |
| 67 | Gold (unwrought) | $1,545,929,000 | +18.9% |
| 68 | Electric motors, generators | $1,530,265,000 | +5.6% |
| 69 | Copper ores, concentrates | $1,527,620,000 | -3.5% |
| 70 | Electric circuit parts, fuses, switches | $1,526,636,000 | +7.1% |
| 71 | Electrical machinery | $1,491,362,000 | -5.4% |
| 72 | Plastic packing goods, lids, caps | $1,487,119,000 | -8.9% |
| 73 | Piston engines | $1,470,572,000 | +15.1% |
| 74 | Transmission shafts, gears, clutches | $1,425,274,000 | -4% |
| 75 | Engines (diesel) | $1,420,273,000 | +27.8% |
| 76 | Air conditioners | $1,362,846,000 | -4% |
| 77 | Interchangeable hand/machine tools | $1,344,320,000 | +4.4% |
| 78 | Aircraft or spacecraft parts | $1,343,159,000 | +4.9% |
| 79 | Electrical lighting/signaling equpment, defrosters | $1,340,577,000 | +6% |
| 80 | Iron ferroalloys | $1,329,153,000 | -3.5% |
| 81 | Synthetic yarn woven fabrics | $1,256,848,000 | -9.7% |
| 82 | Fork-lift trucks | $1,248,635,000 | +31.2% |
| 83 | Moulding boxes/base | $1,201,536,000 | +4.7% |
| 84 | Pasta, couscous | $1,181,957,000 | +20.8% |
| 85 | Iron or steel pipe fittings | $1,123,589,000 | +4.8% |
| 86 | Aircraft, spacecraft | $1,091,942,000 | +195.6% |
| 87 | Orthopedic appliances | $1,087,517,000 | +17.9% |
| 88 | Turbo-jets | $1,086,007,000 | +103.3% |
| 89 | Coated paper | $1,068,741,000 | -13.2% |
| 90 | Chemicals used in electronics | $1,047,289,000 | -18.7% |
| 91 | Oscilloscopes, spectrum analyzers | $1,046,180,000 | +5.2% |
| 92 | Regulate/control instruments | $1,042,773,000 | +11.9% |
| 93 | Iron and steel screws, bolts, nuts, washers | $1,036,351,000 | +2.6% |
| 94 | Tractors | $1,032,829,000 | -19.3% |
| 95 | Amino-resins | $1,015,323,000 | -15.1% |
| 96 | X-ray equipment | $1,003,100,000 | +2.2% |
| 97 | Other nitrogen compounds | $995,389,000 | +1.7% |
| 98 | Metal-removing lathes | $992,134,000 | +16.6% |
| 99 | Copper foil | $989,391,000 | -18% |
| 100 | Synthetic staple fibers | $968,282,000 | -3.6% |
These 100 exported goods were worth a subtotal of US$522.5 billion or over four-fifth (82.7%) by value for all products exported from South Korea during 2023.
In macroeconomic terms, South Korea’s total exported goods represent 21.6% of its overall Gross Domestic Product for 2023 ($2.924 trillion valued in Purchasing Power Parity US dollars). That 21.6% for exports to overall GDP in PPP for 2023 compares to 24.7% one year earlier. Those percentages suggest a relatively 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 2.675% for 2023, down from an average 2.883% in 2022 according to International Monetary Fund statistics.
Domestically, South Koreans experienced an average inflation rate of 3.419% for 2023 down from average inflation of 5.088% in 2022.
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 25, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 25, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 25, 2024
International Trade Centre, Trade Map. Accessed on March 25, 2024
Investopedia, Net Exports Definition. Accessed on March 25, 2024
Wikipedia, Gross domestic product. Accessed on March 25, 2024
Wikipedia, List of Companies of South Korea. Accessed on March 25, 2024
Wikipedia, Purchasing power parity. Accessed on March 25, 2024
Zepol’s company summary highlights by country. Accessed on March 25, 2024