Exports from South Korea fell 7 percent from a year earlier to USD 42.8 billion in July 2020, compared with market consensus of a 9.7 percent drop, a preliminary estimate showed. It was the fifth straight month of decline in exports, but the smallest since March, as global demand gradually recovers following the easing of coronavirus-induced lockdown measures. Sales were sharply down for petrochemicals (-21 percent) on lower oil prices and for automobiles (-4.2 percent) due to the weak demand from European markets. On the other hand, shipments of semiconductors, the nation's top export, climbed 5.6 percent, while those of computers and ships surged 77.1 percent and 18.0 percent, respectively. Among major trade partners, exports declined to the EU (-11.1 percent), but rose to the US (7.7 percent), the first increase since the outbreak, and China (2.5 percent).

Exports in South Korea averaged 15113.97 USD Million from 1966 until 2020, reaching an all time high of 55115.24 USD Million in September of 2017 and a record low of 14.75 USD Million in January of 1966. This page provides the latest reported value for - South Korea Exports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Exports - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Ministry of Trade, Industry & Energy (MOTIE)

Exports in South Korea is expected to be 50000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Exports in South Korea to stand at 50800.00 in 12 months time. In the long-term, the South Korea Exports is projected to trend around 51700.00 USD Million in 2021, according to our econometric models.

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South Korea Exports

Actual Previous Highest Lowest Dates Unit Frequency
42831.00 39229.80 55115.24 14.75 1966 - 2020 USD Million Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-05-01 12:00 AM Apr -24.3% -0.2% -25.4%
2020-06-01 12:00 AM May -23.7% -25.1% -22.1%
2020-07-01 01:00 AM Jun -10.9% -23.7% -7.8%
2020-08-01 12:00 AM Jul -7% -10.9% -9.7%


News Stream
South Korea Exports Fall Less than Forecast
Exports from South Korea fell 7 percent from a year earlier to USD 42.8 billion in July 2020, compared with market consensus of a 9.7 percent drop, a preliminary estimate showed. It was the fifth straight month of decline in exports, but the smallest since March, as global demand gradually recovers following the easing of coronavirus-induced lockdown measures. Sales were sharply down for petrochemicals (-21 percent) on lower oil prices and for automobiles (-4.2 percent) due to the weak demand from European markets. On the other hand, shipments of semiconductors, the nation's top export, climbed 5.6 percent, while those of computers and ships surged 77.1 percent and 18.0 percent, respectively. Among major trade partners, exports declined to the EU (-11.1 percent), but rose to the US (7.7 percent), the first increase since the outbreak, and China (2.5 percent).
2020-08-01
South Korea Exports Drop More than Estimated
Exports from South Korea tumbled 10.9 percent from a year earlier to USD 39.2 billion in June 2020, compared with market consensus of a 7.8 percent fall. It was the fourth straight month of decline in exports, as the coronavirus pandemic hit global demand. Sales were sharply down for automobiles (-33.2 percent), due to the weak demand from the US and European markets. Outbound shipment also fell for petrochemicals (-11.8 percent). By contrast, sales jumped for computers (91.5 percent), biohealth products (53 percent), and foodstuffs (11.7 percent). Among major trade partners, exports declined to the US (-8.3 percent), the EU (-17 percent), Japan (-17.8 percent). Conversely, exports to China surged 9.5 percent, the first increase in six months.
2020-07-01
South Korea Exports Plunge to Decade Low
Exports from South Korea tumbled 23.7 percent from a year earlier to USD 34.86 billion in May 2020, the lowest level since February 2010, compared with market consensus of a 22.1 percent fall, as the coronavirus pandemic hit global demand. Sales were sharply down for automobiles (-54.1 percent) and auto parts (-66.7 percent), general machinery (-27.8 percent), petrochemicals (-34.3 percent), petroleum products (-69.9 percent), steel (-34.8 percent), display (-29.7 percent), textiles (-43.5 percent), wireless communication devices (-22.2 percent) and home appliances (-37.0 percent). Meanwhile, sales of semiconductors, ships, computers and bio-health products jumped. Among major trade partners, exports declined to China (-2.8 percent), ASEAN (-30.2 percent), the US (-29.3 percent), the EU (-25.0 percent), Japan (-28.8 percent), the Middle East (-25.7 percent), Latin America (-53.5 percent), CIS (-35.1 percent) and India (-71.7 percent).
2020-06-01
South Korea Exports Fall the Most Since May 2009
Exports from South Korea tumbled 24.3% yoy to the smallest in over four years of USD 36.92 billion in April 2020, after a 0.2% drop in March and compared with market consensus of a 25.4% fall, This was the steepest decline in outbound shipments since May 2009 as the coronavirus pandemic paralyzed the global economy and deteriorated demand. Sales of semiconductors, the country's top exports, fell by 14.9%. Also, exports plunged for oil products (-56.8%), car components (-49.6%), and wireless devices (-33.4%). In contrast, sales of health products jumped 29%, amid soaring demand for test kits for COVID-19. Exports of computers also doubled as more people worked from home. Sales fell to China (-17.9%), the US (-13.5%), and Europe (-12.8%).
2020-05-01

South Korea Exports
South Korea has an export oriented economy and its exports account for more than 50 percent of GDP. The country's exports tumbled 10.3 percent to USD 542.4 billion in 2019 after reaching a record high in the previous year, due to the US-China trade dispute, Japan's restrictions on exports, Brexit, and Hong Kong protests. Main exports were electrical machinery and equipment (28 percent of total exports), nuclear reactors, boilers, machinery and mechanical (13 percent), road vehicles (12 percent), mineral fuels, mineral oils, bituminous substances (8 percent), plastics and articles thereof (6 percent), iron and steel (4 percent), optical, photographic, cinematographic, measuring (4 percent), organic chemicals (4 percent), and ships and boats (3 percent). China was the largest destination of South Korea's shipments (25 percent of total exports), followed by the US (14 percent), Vietnam (9 percent), Hong Kong (6 percent), Japan (5 percent), Taiwan and India (3 percent each), and Singapore, Mexico, Malaysia, Germany and the Philippines (2 percent each).
South Korea Exports by Country Last Previous
China 11735000.00 11416000.00 USD THO Jul/20
United States 6585000.00 5730000.00 USD THO Jul/20
Vietnam 4195000.00 3505000.00 USD THO Jul/20
European Union 4098000.00 3581000.00 USD THO Jul/20
Hong Kong 2343431.00 2366149.00 USD THO Jun/20
Japan 1998000.00 1854000.00 USD THO Jul/20
Taiwan 1340227.00 1198441.00 USD THO Jun/20
Singapore 935203.00 673731.00 USD THO Jun/20
India 800000.00 584000.00 USD THO Jul/20
Germany 652346.00 731317.00 USD THO Jun/20
Philippines 558785.00 516223.00 USD THO Jun/20
Mexico 532244.00 375208.00 USD THO Jun/20
Malaysia 475565.00 429965.00 USD THO Jun/20
Thailand 460348.00 359070.00 USD THO Jun/20
United Kingdom 429042.00 366068.00 USD THO Jun/20
Russia 422749.00 366647.00 USD THO Jun/20
Australia 415298.00 277811.00 USD THO Jun/20
Indonesia 401204.00 326386.00 USD THO Jun/20
Canada 375799.00 206961.00 USD THO Jun/20
Poland 365720.00 388515.00 USD THO Jun/20
South Korea Exports by Category Last Previous
Heavy Industry Products 33887000.00 30543000.00 USD THO Jun/20
Semi Conductor 7877000.00 8303000.00 USD THO Jul/20
Kcs - Car 3661000.00 2493000.00 USD THO Jul/20
Kcs - Petroleum Chemical 2969000.00 2750000.00 USD THO Jul/20
Metal Goods 2938000.00 2586000.00 USD THO Jun/20
Information & Communications Equipment 2859000.00 2510000.00 USD THO Jun/20
Light Industry Products 2417000.00 2110000.00 USD THO Jun/20
Passenger Car 2375000.00 1732000.00 USD THO Jun/20
Kcs - Iron and Steel Products 2221000.00 2055000.00 USD THO Jul/20
Crude Materials & Fuels 2173000.00 1611000.00 USD THO Jun/20
Kcs - Petroleum Products 2016000.00 1567000.00 USD THO Jul/20
Kcs - Ship Class 1786000.00 1387000.00 USD THO Jul/20
Petroleum & Derivatives 1626000.00 1151000.00 USD THO Jun/20
Kcs - Auto Parts 1482000.00 945000.00 USD THO Jul/20
Ship & Boat 1343000.00 1549000.00 USD THO Jun/20
Heavy Industry Products - Computer 1206000.00 1136000.00 USD THO Jun/20
Kcs - Computer 1180000.00 1233000.00 USD THO Jul/20
Kcs - Wireless Communication Machine 1114000.00 1016000.00 USD THO Jul/20
Kcs - Fiber 972000.00 827000.00 USD THO Jul/20
Food & Direct Consumer Goods 754000.00 637000.00 USD THO Jun/20

United Nations Comtrade Database
Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category