In 2024, South Korea's trade balance with the United States recorded a surplus that amounted to around ***** billion U.S. dollars. South Korea has become one of the United States’ largest trade partners. The Free Trade Agreement between the two governments came into force in March 2012. As of May 2025, South Korea seeks to delay a decision about tariffs until new presidential elections in June 2025. Korea’s export trade with the U.S. In 2024, the United States was the second most important export trade destination after China. In accordance with the high trade surplus recorded by South Korea, the value of goods exports to the U.S. continued to increase every year. Historically, China and the U.S. were the most important export partner for South Korea, with changes only happening due to domestic or bilateral politics. The effect of U.S. president Trump’s increase of tariffs on the economic relations between the two nations remains to be seen. Korea’s imports from the U.S. Despite the trade balance tipping in clear favor of South Korea, the United States was still one of the most important partners for imports. Overall, the value of goods imported into the country has increased, with a quick recovery from occasional decreases. Next to the imports of goods, the United States have become one of the most important suppliers of foreign direct investment (FDI) for South Korea. Despite this importance, the actual investments were notably lower than the pledged amount.

South Korea Exports to United States was US$128.37 Billion during 2024, according to the United Nations COMTRADE database on international trade. South Korea Exports to United States - data, historical chart and statistics - was last updated on June of 2025.

This data package includes the underlying data to replicate the charts and calculations presented in Korea’s trade policy agenda in an uncertain US trade environment, PIIE Working Paper 24-19.

If you use the data, please cite as:

Wolff, Alan Wm., and Han-koo Yeo. 2024. Korea’s trade policy agenda in an uncertain US trade environment. PIIE Working Paper 24-19. Washington: Peterson Institute for International Economics.

This graph shows the growth in the U.S. import volume of trade goods from South Korea from 1985 to 2023. In 2023, U.S. imports from South Korea amounted to approximately 116.23 billion U.S. dollars, marking a significant increase compared to the previous year.

United States Imports from South Korea was US$135.46 Billion during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from South Korea - data, historical chart and statistics - was last updated on July of 2025.

Exports: USA: Chemicals and Related Products (CRP) data was reported at 485.905 USD mn in Jun 2018. This records a decrease from the previous number of 494.939 USD mn for May 2018. Exports: USA: Chemicals and Related Products (CRP) data is updated monthly, averaging 113.460 USD mn from Jan 1991 (Median) to Jun 2018, with 330 observations. The data reached an all-time high of 494.939 USD mn in May 2018 and a record low of 17.302 USD mn in Mar 1991. Exports: USA: Chemicals and Related Products (CRP) data remains active status in CEIC and is reported by Korea International Trade Association. The data is categorized under Global Database’s Korea – Table KR.JA007: Trade Statistics: Export: Value: SITC Classification: USA and Japan.

United States Exports to South Korea was US$65.54 Billion during 2024, according to the United Nations COMTRADE database on international trade. United States Exports to South Korea - data, historical chart and statistics - was last updated on July of 2025.

South Korea recorded a trade surplus of 6940 USD Million in May of 2025. This dataset provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

South Korea: Trade balance, billion USD: The latest value from 2023 is 8.43 billion U.S. dollars, an increase from 8.37 billion U.S. dollars in 2022. In comparison, the world average is 4.81 billion U.S. dollars, based on data from 148 countries. Historically, the average for South Korea from 1976 to 2023 is 21.35 billion U.S. dollars. The minimum value, -21.98 billion U.S. dollars, was reached in 1996 while the maximum of 105.65 billion U.S. dollars was recorded in 2015.

This graph shows the growth in U.S. export volume of trade goods to South Korea from 1985 to 2023. In 2023, U.S. exports to South Korea amounted to about 64.84 billion U.S. dollars.

Imports: USA: IM and Fuels: Light Industry Inputs data was reported at 87.780 USD mn in Oct 2018. This records an increase from the previous number of 77.915 USD mn for Sep 2018. Imports: USA: IM and Fuels: Light Industry Inputs data is updated monthly, averaging 104.031 USD mn from Jan 1998 (Median) to Oct 2018, with 250 observations. The data reached an all-time high of 183.936 USD mn in May 2011 and a record low of 68.423 USD mn in Jan 2009. Imports: USA: IM and Fuels: Light Industry Inputs data remains active status in CEIC and is reported by Korea Customs Service. The data is categorized under Global Database’s South Korea – Table KR.JA025: Trade Statistics: Value: Korea Customs Service Classification: United States.

United States Exports to North Korea was US$1.53 Million during 2024, according to the United Nations COMTRADE database on international trade. United States Exports to North Korea - data, historical chart and statistics - was last updated on June of 2025.

South Korea's exports fell by 1.3% in May due to global trade tensions, with significant impacts from U.S. and China markets. Despite the decline, the trade balance remained positive with a surplus of $6.94 billion.

In 2024, South Korea's trade balance with China amounted to a deficit of about **** billion U.S. dollars. The Free Trade Agreement between the two governments came into force in December 2015.

South Korea's exports fell in May due to U.S. tariffs, despite strong semiconductor demand, impacting trade with the U.S. and China.

This data package includes the underlying data and programs to replicate the calculations, regressions, charts, and tables presented in Collateral benefits? South Korean exports to the United States and the US-China trade war, PIIE Policy Brief 21-18.

If you use the data, please cite as: Lovely, Mary E., David Xu, and Yinhan Zhang. 2021. Collateral benefits? South Korean exports to the United States and the US-China trade war. PIIE Policy Brief 21-18. Washington: Peterson Institute for International Economics.

South Korea's total Exports in 2024 were valued at US$683.13 Billion, according to the United Nations COMTRADE database on international trade. South Korea's main export partners were: China, the United States and Vietnam. The top three export commodities were: Electrical, electronic equipment; Vehicles other than railway, tramway and Machinery, nuclear reactors, boilers. Total Imports were valued at US$631.73 Billion. In 2024, South Korea had a trade surplus of US$51.40 Billion.

Exports: USA: Heavy Industry Pdts: Metal Goods data was reported at 422.952 USD mn in Oct 2018. This records an increase from the previous number of 387.828 USD mn for Sep 2018. Exports: USA: Heavy Industry Pdts: Metal Goods data is updated monthly, averaging 252.515 USD mn from Jan 1998 (Median) to Oct 2018, with 250 observations. The data reached an all-time high of 766.659 USD mn in Nov 2014 and a record low of 92.882 USD mn in May 2003. Exports: USA: Heavy Industry Pdts: Metal Goods data remains active status in CEIC and is reported by Korea Customs Service. The data is categorized under Global Database’s South Korea – Table KR.JA025: Trade Statistics: Value: Korea Customs Service Classification: United States.

South Korea's total Imports in 2024 were valued at US$631.73 Billion, according to the United Nations COMTRADE database on international trade. South Korea's main import partners were: China, the United States and Japan. The top three import commodities were: Mineral fuels, oils, distillation products; Electrical, electronic equipment and Machinery, nuclear reactors, boilers. Total Exports were valued at US$683.13 Billion. In 2024, South Korea had a trade surplus of US$51.40 Billion.

South Korea is committed to resolving the auto tariff issue with the U.S., focusing on the 25% tariffs impacting exports, during upcoming trade talks.