Electric Furnaces in South Korea | The Observatory of Economic Complexity

About

Exports In 2022, South Korea exported $231M in Electric Furnaces, making it the 6th largest exporter of Electric Furnaces in the world. At the same year, Electric Furnaces was the 254th most exported product in South Korea. The main destination of Electric Furnaces exports from South Korea are: China ($81.6M), Vietnam ($35.2M), United States ($29.9M), Mexico ($12.3M), and Philippines ($11.7M).

The fastest growing export markets for Electric Furnaces of South Korea between 2021 and 2022 were China ($12.1M), Vietnam ($5.87M), and Mexico ($4.46M).

Imports In 2022, South Korea imported $205M in Electric Furnaces, becoming the 6th largest importer of Electric Furnaces in the world. At the same year, Electric Furnaces was the 351st most imported product in South Korea. South Korea imports Electric Furnaces primarily from: China ($48.3M), Japan ($42.9M), Germany ($39.4M), United States ($31.4M), and Italy ($20.1M).

The fastest growing import markets in Electric Furnaces for South Korea between 2021 and 2022 were Germany ($20.5M), China ($9.92M), and United States ($8.32M).

COMPANIES In 2023, leading companies such as LG ELECTRONICS USA (452), VOLVO GROUP NORTH AMERICA LLC (107), and TEAM HARDINGER (43) were at the forefront of shipping Electric Furnaces from South Korea to the United States.

Latest Trends

March 2024

About

Overview In March 2024 South Korea's Electric Furnaces exports accounted up to $16.2M and imports accounted up to $16.7M, resulting in a negative trade balance of $450k. Between March 2023 and March 2024 the exports of South Korea's Electric Furnaces have increased by $1.6M (10.9%) from $14.6M to $16.2M, while imports decreased by $-4.79M (-22.3%) from $21.5M to $16.7M.

Destinations In March 2024, Electric Furnaces were exported mostly to United States ($3.03M), Japan ($2.71M), United Kingdom ($2.25M), China ($2.03M), and Vietnam ($1.41M), and were imported mostly from China ($6.97M), Italy ($3.63M), United States ($2.44M), Japan ($1.48M), and Germany ($506k).

Growth In March 2024, the increase in Electric Furnaces's year-by-year exports was explained primarily by an increase in exports to India ($731k or 558%), Mexico ($602k or 1.82k%), and Turkey ($352k or 216%). In March 2024, the decrease in Electric Furnaces's year-by-year imports was explained primarily by a decrease in imports from Germany ($-1.21M or -42.3%), Russia ($-459k or -100%), and Italy ($-342k or -41.5%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (March 2023 - March 2024)$1.6M(10.9%)

IMPORT GROWTH (March 2023 - March 2024)$-4.79M(-22.3%)

MAIN DESTINATION (March 2024)United States$3.03M

This section shows Electric Furnaces's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Electric Furnaces over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$231M

IMPORTS (2022)$205M

NET TRADE (2022)$25.7M

In 2022, South Korea exported $231M in Electric Furnaces. The main destinations of South Korea exports on Electric Furnaces were China ($81.6M), Vietnam ($35.2M), United States ($29.9M), Mexico ($12.3M), and Philippines ($11.7M).

In 2022, South Korea imported $205M in Electric Furnaces, mainly from China ($48.3M), Japan ($42.9M), Germany ($39.4M), United States ($31.4M), and Italy ($20.1M).

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