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Who does South Korea rely on?

The largest supplier of South Korea in 2024 is China, with 22.3% of what South Korea buys. Its share was 21.9% in 2019 and 5.8% in 1995. 534 of the 1,126 products South Korea buys for more than $1 million have a supplier selling more than 50% of what South Korea buys of that product; in 179, more than 75%. In those products, purchases from each one’s dominant supplier add up to 14.8% of what South Korea buys.

Summary

Largest supplier: China
22.3%
Concentration (HHI)
833
Products with a supplier above 50%
534
Products with a supplier above 75%
179

Concentration index (HHI): 833 out of 10,000; equivalent to splitting purchases among 12 suppliers of the same size

Trend

Trend in shares

China went from 5.8% to 22.3% of what South Korea buys

Share (%)

  • China 22.3%
  • United States 11.5%
  • Japan 7.5%
  • Saudi Arabia 5.1%
  • Taiwan 4.8%

Source: CEPII BACI

Show the numbers
YearLargest supplierShare
1995Japan23.1%
1996United States21.6%
1997United States20.6%
1998United States22.5%
1999United States20.7%
2000Japan19.6%
2001Japan18.5%
2002Japan19.4%
2003Japan20.3%
2004Japan20.2%
2005Japan18.5%
2006Japan16.8%
2007China17.3%
2008China17.5%
2009China16.2%
2010China16.7%
2011China16.5%
2012China15.8%
2013China16.3%
2014China17.2%
2015China20.8%
2016China21.6%
2017China20.4%
2018China20.2%
2019China21.9%
2020China23.4%
2021China22.9%
2022China21.1%
2023China22.3%
2024China22.3%

Its suppliers

  1. China$139 billion · 22.3%
  2. United States$71.4 billion · 11.5%
  3. Japan$46.8 billion · 7.5%
  4. Saudi Arabia$31.5 billion · 5.1%
  5. Taiwan$29.8 billion · 4.8%
  6. Australia$29.4 billion · 4.7%
  7. Vietnam$28.4 billion · 4.6%
  8. Germany$21.7 billion · 3.5%
  9. United Arab Emirates$17.9 billion · 2.9%
  10. Qatar$14.1 billion · 2.3%

Some of these goods may have been produced in another country: countries record origin in different ways.

Products with a dominant supplier

Of the 1,126 products South Korea buys for more than $1 million in 2024, these are the highest-value ones with a dominant supplier.

ProductSupplierShareSecondValue
Cameras and broadcast equipmentChina64.9%Vietnam · 19.9%$9.7 billion
Iron oreAustralia70%Brazil · 13.3%$7.7 billion
ComputersChina54.3%Vietnam · 15.7%$7.1 billion
BatteriesChina83%over 75%Indonesia · 9.5%$5.2 billion
Cables and wireChina51.5%Vietnam · 26.5%$4.5 billion
Turbojets and gas turbinesUnited States50.4%India · 15.7%$3.6 billion
Airplanes and helicoptersUnited States50.8%France · 36.4%$3.1 billion
Phones and telecom equipmentVietnam75.4%over 75%China · 13.2%$3 billion
Frozen beefUnited States51.7%Australia · 39.7%$2.4 billion
GoldAustralia53.9%Japan · 20.9%$2.3 billion
Sweaters and pulloversChina59.9%Vietnam · 11.2%$2.2 billion
Steel structuresChina86.4%over 75%Brazil · 4.7%$2.1 billion
Other iron or steel articlesChina54.6%Japan · 18.3%$2.1 billion
Lithium hydroxide and other metal oxidesChina74.9%Chile · 8.9%$2 billion
Women's suits and dressesChina56.5%Vietnam · 19.9%$2 billion
Seats and chairsChina77%over 75%Vietnam · 13.1%$1.9 billion
Plastic sheets and filmJapan54.5%China · 23.9%$1.8 billion
Coated flat steelChina86.5%over 75%Japan · 9.9%$1.6 billion
Aluminum sheetChina67.4%United States · 13.3%$1.4 billion
Electric heaters and hair dryersChina61.4%Malaysia · 8.2%$1.4 billion
Worked stoneChina96%over 75%Vietnam · 0.94%$1.3 billion
Fresh beefUnited States71.8%Australia · 27.9%$1.3 billion
Ferrous scrapJapan62.4%Thailand · 9.4%$1.2 billion
Spark-ignition enginesMexico58.4%China · 33.2%$1.2 billion
Plastic packagingChina56.7%Vietnam · 11.6%$1.2 billion

and 509 more

A product has a dominant supplier when a single country sells more than 50% of what is bought of it; we flag it separately above 75%.

Countries that sell more than 50% of some product; the darker, the higher the value of those products.

Selling: who it relies on

Largest customer: China
20.3%
Concentration (HHI)
906

Concentration index (HHI): 906 out of 10,000; equivalent to splitting sales among 11 customers of the same size

Trend in shares

China went from 8.2% to 20.3% of what South Korea sells

Share (%)

  • China 20.3%
  • United States 17.6%
  • Vietnam 7.6%
  • Taiwan 5.5%
  • Hong Kong 4.8%

Source: CEPII BACI

Show the numbers
YearLargest customerShare
1995United States19.8%
1996United States16.5%
1997United States17.1%
1998United States17.6%
1999United States21.2%
2000United States21.7%
2001United States20.7%
2002United States20.1%
2003China19%
2004China20%
2005China21.1%
2006China21.8%
2007China23.4%
2008China22.6%
2009China24%
2010China25.1%
2011China24.8%
2012China23.3%
2013China24.9%
2014China24.9%
2015China24.4%
2016China23.4%
2017China25.2%
2018China27.7%
2019China25.6%
2020China26.2%
2021China26.1%
2022China22.3%
2023China19.8%
2024China20.3%

244 of the 972 products South Korea sells for more than $1 million have a customer buying more than 50% of what South Korea sells of that product; in 85, more than 75%. In those products, sales to each one’s dominant customer add up to 10.5% of what South Korea sells.

ProductCustomerShareSecondValue
CarsUnited States53.6%Canada · 7.4%$70.3 billion
Parts for broadcast equipmentChina69%Vietnam · 13.1%$11.3 billion
Cyclic hydrocarbonsChina64%United States · 15.6%$9.3 billion
Open-chain hydrocarbonsChina76.6%over 75%Japan · 7.3%$3.7 billion
Refrigerators, freezers and heat pumpsUnited States64.6%Japan · 4.2%$3 billion
Optical fibers and lensesChina57.7%Vietnam · 14.6%$2.5 billion
Elevators, escalators and conveyorsUnited States55.8%China · 6%$1.9 billion
Refined copperChina69%Taiwan · 12.5%$1.8 billion
GoldHong Kong57.6%Singapore · 11.5%$1.6 billion
Diesel enginesChina58.8%United States · 11.8%$1.6 billion
Welded steel pipesUnited States65%Japan · 7.3%$1.5 billion
Armored vehiclesPoland77.3%over 75%Saudi Arabia · 9.2%$1.4 billion
Forklifts and works trucksUnited States69%Canada · 5.1%$1.2 billion
Clothes dryers and textile finishing machinesUnited States56.9%Canada · 7.9%$993 million
Military weaponsPoland67.3%Saudi Arabia · 16.3%$978 million

and 229 more

Concentration compared

The closest countries in the concentration ranking (HHI, highest first).

RankCountryHHI
153Jordan841
154Japan834
155South Korea833
156Libya822
157Equatorial Guinea820
158Moldova817

Sources and method

Sources and licenses

Methodology

The data come from CEPII BACI (Etalab 2.0 licence), which reconciles what the exporting and the importing country report, in current USD, FOB. Data up to 2024.

Dependence is the share of a country’s imports (or exports) that each partner accounts for. It does not measure whether a product has a substitute or how much it would cost to change supplier.

The concentration index (HHI) adds up the square of each partner’s share, in percent: it runs from 0 to 10,000. Its equivalent is 10,000 ÷ HHI, the number of partners of the same size that would give that value.

Products are HS4 headings of the 1992 nomenclature (some combine different goods), with a floor of $1 million per product and country.

The EU is the 27 current members in every year; the United Kingdom is outside the EU throughout the series.

Re-exports: countries that act as redistribution hubs carry their notice and the figures are not corrected.