Merchandise Exports in Korea
Merchandise exports in Korea were worth USD 684 billion in 2022 compared to USD 560 billion ten years earlier, and averaged USD 572 billion over the last decade. For more exports information, visit our dedicated page.
Korea Merchandise Exports Chart
Note: This chart displays Exports (USD billion) for Korea from 2013 to 2022.
Source: Korea Customs Service.
Korea Merchandise Exports Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Merchandise Exports (USD bn) | 605 | 542 | 512 | 644 | 684 |
| Merchandise Exports (ann. var. %) | 5.4 | -10.4 | -5.5 | 25.7 | 6.1 |
Merchandise exports rise for first time since September 2022 in October
Merchandise exports rose 5.1% in annual terms in October (September: -4.4% year on year). The figure marked the fastest increase since August 2022 and marked the first rise after 12 months of contractions. Meanwhile, merchandise imports contracted 9.7% on an annual basis in October (September: -16.5% yoy), marking the strongest result since March 2023. As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.6 billion surplus in October (September 2023: USD 3.7 billion surplus; October 2022: USD 6.7 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 29.9 billion deficit in October, compared to the USD 38.3 billion deficit in September.
Analysts at ING said: “Solid vehicle and machinery exports, along with signs of improvement in chip exports [suggest] that global demand conditions are holding up well. However, the weak manufacturing PMI hints that the expected export recovery will only be modest.” Analysts at Nomura said: “With a recovery in the chip cycle, positive base effects and stabilizing demand, we expect exports to record high-single to double-digit growth over the next six months.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean merchandise exports projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise exports forecast available for Korean merchandise exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean merchandise exports projections.
Want to get access to the full dataset of Korean merchandise exports forecasts? Send an email to info@focus-economics.com.