South Korea’s overall trade surplus for all products equaled US$45.2 billion in 2020, up by 2.6% from a $44.1 billion surplus in 2013. Year over year, the $45.2 billion in black ink for 2020 represents a 15.8% uptick from the $39.1 billion surplus that South Korea generated during 2019.
To put South Korea’s $45.2 billion trade surplus metric into perspective, the country’s total external debt encompassing both public and private red ink equaled -$511 billion at September 2020. South Korea’s external debt is the equivalent of over 11 times the magnitude of its positive international trade balance.
Top South Korean Trade Balances by Product and Country
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The following 10 leading products generated a surplus subtotal of $135.6 billion for South Korea in its global trade during 2020. Metrics listed below highlight South Korea’s strongest competitive advantages over worldwide trading partners in terms of commodities.
- Integrated circuits/microassemblies: US$42.6 billion (Up 120.7% since 2013)
- Cars: $23.6 billion (Down -39.1%)
- Cruise/cargo ships, barges: $14 billion (Down -38.9%)
- Automobile parts/accessories: $11.7 billion (Down -42.2%)
- Processed petroleum oils: $10.4 billion (Down -52.9%)
- Unrecorded sound media: $8.4 billion (Reversing a -$221.6 million deficit)
- Computer parts, accessories: $8.1 billion (Up 223.2%)
- Phone system devices including smartphones: $5.8 billion (Down -70.5%)
- Electric storage batteries: $5.5 billion (Up 42.8%)
- Liquid crystal/laser/optical tools: $5.4 billion (Down -75.9%)
Percentage increases for South Korea’s product surpluses from 2013 to 2020 were led by computer parts or accessories (up 223.2%), integrated circuits and microassemblies (up 120.7%), electric storage batteries (up 42.8%) then electric storage batteries (up 42.8%).
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See also South Korea’s Top Trading Partners, South Korea’s Top 10 Major Export Companies and South Korea’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on February 14, 2021
International Trade Centre, Trade Map. Accessed on February 14, 2021
Investopedia, Net Exports Definition. Accessed on February 14, 2021
Trading Economics, South Korea Total Gross External Debt, Summary. Accessed on February 14, 2021
Wikipedia, Economy of South Korea. Accessed on February 14, 2021