Flag Australia / South Korea Flag

2019
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Exports
: $18.9B, Rnk 3 / 208

2019
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Top Product
: $5.08B, Coal Briquettes

2019
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Exports
: $8.21B, Rnk 13 / 215

2019
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Top Product
: $3.05B, Refined Petroleum

2019
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Economic Complexity (ECI)
: ECI -0.16, Rnk 82 / 157

2019
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Economic Complexity (ECI)
: ECI 1.95, Rnk 5 / 157

2019
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GDP
: $1.4T, CURRENT US$
Rnk 13 / 187

2009-2019
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GDP GROWTH
: 50.5%, CURRENT US$
Rnk 93 / 187

2019
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 GDP
: $1.65T, CURRENT US$
Rnk 12 / 187

2009-2019
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GDP GROWTH
: 74.5%, CURRENT US$
Rnk 52 / 187

2019
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GDP PC 
: $55,060, CURRENT US$
Rnk 12 / 187

2009-2019
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GDP PC GROWTH
: 28.7%, CURRENT US$
Rnk 95 / 187

2019
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GDP PC 
: $31,846, CURRENT US$
Rnk 32 / 187

2009-2019
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GDP PC GROWTH
: 66.4%, CURRENT US$
Rnk 36 / 187

Australia-South Korea: In 2019, Australia exported $18.9B to South Korea. The main products that Australia exported to South Korea are Coal Briquettes ($5.08B), Iron Ore ($4.34B), and Petroleum Gas ($3.34B). During the last 24 years the exports of Australia to South Korea have increased at an annualized rate of 5.41%, from $5.34B in 1995 to $18.9B in 2019.

In 2018, Australia exported services to South Korea worth $1.64B, with Travel ($1.52B), Transportation ($53.8M), and Other business services ($25.4M) being the largest in terms of value.

South Korea-Australia: In 2019, South Korea exported $8.21B to Australia . The main products that South Korea exported to Australia were Refined Petroleum ($3.05B), Cars ($2.05B), and Electric Batteries ($147M). During the last 24 years the exports of South Korea to Australia have increased at an annualized rate of 6.94%, from $1.64B in 1995 to $8.21B in 2019.

In 2005, South Korea exported services to Australia worth $488M, with Transportation ($252M), Travel ($111M), and Other business services ($79.8M) being the largest in terms of value.

Comparison: In 2019,  Australia ranked 82 in the Economic Complexity Index (ECI -0.16), and 19 in total exports ($284B). That same year, South Korea ranked 5 in the Economic Complexity Index (ECI 1.95), and 6 in total exports ($555B).

Bilateral Trade by Products

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Depth
Value

In 2019, Australia exported $18.9B to South Korea. The main products exported from Australia to South Korea were Coal Briquettes ($5.08B), Iron Ore ($4.34B), and Petroleum Gas ($3.34B). During the last 24 years the exports of Australia to South Korea have increased at an annualized rate of 5.41%, from $5.34B in 1995 to $18.9B in 2019.

In 2019, South Korea exported $8.21B to Australia. The main products exported from South Korea to Australia were Refined Petroleum ($3.05B), Cars ($2.05B), and Electric Batteries ($147M). During the last 24 years the exports of South Korea to Australia have increased at an annualized rate of 6.94%, from $1.64B in 1995 to $8.21B in 2019.

Market Competitiveness

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Measure

Australia
Top Destination
: China, $111B

South Korea
Top Destination
: China, $136B

This map shows whether countries import more from Australia or South Korea. Each country is colored based on the difference in imports they receive from Australia and South Korea or the difference in the growth in imports.

In 2019, countries that imported more from Australia than South Korea were Japan ($41.5B), United Kingdom ($10.6B), and New Zealand ($5.81B).

In 2019, countries that imported more from South Korea than Australia were United States ($74.8B), Vietnam ($47.8B), and Hong Kong ($31.6B).

Comparative Advantage Australia - South Korea

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Depth

This chart compares trade between Australia and South Korea by product, considering products traded by both, Australia and South Korea.

During 2019, Australia had a large net trade with South Korea in the exports of Mineral Products ($14.6B), Animal Products ($1.33B), and Metals ($1.17B).

During 2019, South Korea had a large net trade with Australia in the exports of Mineral Products ($3.19B), Transportation ($2.28B), and Machines ($1.03B).

Tariff Section

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This section shows import tariffs for products traded between Australia and South Korea (using the HS6 product classification and the last year reported).

In 2018, the products from Australia that paid the highest import tariffs to enter South Korea were Mens, boys suits, of wool or hair, not knit (5%) and Mens, boys suits, synthetic fibres, not knit (5%).

In 2018, the products from South Korea that paid the highest import tariffs to enter Australia were Cereals: fonio (Digitaria spp.) (800%) and Cereals: quinoa (Chenopodium quinoa) (800%).

Explore Tariff Data

*The tariffs present between Australia and South Korea are:
87: Australia General System of Preferences (GSP): Countries and Places in Part 4 of Schedule 1 (DCS rates)
136: Most Favoured Nation duty rate treatement
249: Preferential tariff for Korea, Republic of

Bilateral Service Trade

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In 2018, Australia exported services to South Korea worth $1.64B, with Travel ($1.52B), Transportation ($53.8M), and Other business services ($25.4M) being the largest in terms of value.

In 2005, South Korea exported services to Australia worth $488M, with Transportation ($252M), Travel ($111M), and Other business services ($79.8M) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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This visualization show the product space at the HS4 level colored from blue to red.  This mean that the more blue a dot/product is, the more Australia has comparative advantage over South Korea. Similarly, the more red a dot/product is, the more South Korea has comparative advantage over Australia.