What food does South Korea export?
South Korea remained the top U.S. export market for soybean oil, fresh oranges, and fresh cheese in 2020.
The country exports mainly Electrical and electronic equipment (31% of total exports in 2021), machinery, nuclear reactors, boilers (13%), vehicles other than railway, tramway (11%), plastics (6.2%), Mineral fuels, oils, distillation products (5%) and optical, photo, technical, medical apparatus (3.9%).
In 2020, the export value of South Korean food amounted to around 7.98 billion U.S. dollars, increased from approximately 7.67 billion dollars in the previous year.
South Korea has one of the lowest food self-sufficiency rates among OECD countries. Supply chain constraints during the pandemic brought the country's reliance on food imports into focus. Now, the crisis in Ukraine, coupled with India's restriction of wheat exports, threatens to further raise domestic food prices.
With its growing economy and limited arable land, South Korea is the eighth-largest agricultural importer in the world. In 2017, those imports totaled $25 billion, led by beef, corn, food preparations, pork, and fresh fruit.
In 2020, South Korea exported $75B to United States. The main products exported from South Korea to United States were Cars ($16.1B), Office Machine Parts ($6.02B), and Motor vehicles; parts and accessories (8701 to 8705) ($4.61B).
Exports The top exports of South Korea are Integrated Circuits ($89.1B), Cars ($36.9B), Refined Petroleum ($23.3B), Passenger and Cargo Ships ($17.3B), and Motor vehicles; parts and accessories (8701 to 8705) ($16B), exporting mostly to China ($131B), United States ($75B), Vietnam ($48B), Hong Kong ($30.9B), and Japan ...
| # | Country | Value |
|---|---|---|
| 1 | Refined petroleum | 51,540 |
| 2 | Integrated circuits | 49,126 |
| 3 | Cars | 42,484 |
| 4 | Passenger and Cargo Ships | 29,010 |
Among its main manufactures are mobile phones, consumer electronics, household whitegoods, cars, ships and steel, all of which are exported around the globe. As an advanced manufacturing economy, Korea imports large quantities of natural resources such as coal, iron ore and oil.
- China: US$162.9 billion (25.3% of total South Korean exports)
- United States: $96.3 billion (14.9%)
- Vietnam: $56.7 billion (8.8%)
- Hong Kong: $37.5 billion (5.8%)
- Japan: $30.1 billion (4.7%)
- Taiwan: $24.3 billion (3.8%)
- India: $15.6 billion (2.4%)
- Singapore: $14.2 billion (2.2%)
What does South Korea export to China?
In 2020, South Korea exported $131B to China. The main products exported from South Korea to China were Integrated Circuits ($37.5B), Machinery Having Individual Functions ($5.78B), and Refined Petroleum ($5.62B).
South Korea relies upon exports to fuel the growth of its economy, with finished products such as electronics, textiles, ships, automobiles, and steel being some of its most important exports.
Korea defines food security as a joint reliance on trade, domestic production, and self-sufficiency. Despite trade concessions under the URAA, Korea has pursued food self-sufficiency as the way to achieve food security.
The self - sufficiency rate for rice, Korea's most important crop, has been relatively high at an annual average of 95 percent after the 1970s thanks to consistent efforts. The rate has been over 100 percent since 1999 (Table 8).
According to the United Nation's Food and Agriculture Organization's (FAO) data, Korea's grain self-sufficiency rate stood at 19.3 percent in 2020, falling below the 20 percent mark for the first time. The rate is 11.6 percentage points below than that of 2000.
Korea's relatively limited agricultural potential, combined with a large population of more than 50 million, force the country to rely quite heavily on food imports (around 70% of its needs).
IMPORTS TO RISE
South Korea currently relies on imports for 60 percent of its beef needs, and imports have risen over the past 15 years as falling domestic cattle production has pushed up domestic prices.
The most important crop in South Korea is rice, accounting about 90 percent of the country's total grain production and over 40 percent of farm income. Other grain products heavily rely on imports from other countries.
| # | Country | Value |
|---|---|---|
| 1 | Refined petroleum | 51,540 |
| 2 | Integrated circuits | 49,126 |
| 3 | Cars | 42,484 |
| 4 | Passenger and Cargo Ships | 29,010 |
Among its main manufactures are mobile phones, consumer electronics, household whitegoods, cars, ships and steel, all of which are exported around the globe. As an advanced manufacturing economy, Korea imports large quantities of natural resources such as coal, iron ore and oil.
What does South Korea specialize in producing?
Industry. South Korea's largest industries are electronics, automobiles, telecommunications, shipbuilding, chemicals, and steel. 2122 The country is among the largest manufacturer of electronic goods as well as semiconductors, with globally popular brands such as Samsung Electronics Co.
Rice is the most important crop here, accounting for about 90% of the country's total grain production and over 40% of farm income. Barley, soybeans and potatoes are the other major broad acre crops. Fruit, particularly citrus, and vegetables are also widely grown.
South Korea's mainly imports mineral fuels, mineral oils, bituminous substances (25 percent of total imports), electrical machinery and equipment (18 percent), nuclear reactors, boilers, machinery and mechanical (10 percent), optical, photographic, cinematographic, measuring (4 percent), road vehicles (3 percent), iron ...
