![]() Both the UK and EU have strong domestic suppliers that can keep the percentage value higher than is required under the Rules of Origin legislation.Įlectric vehicles (EVs) however, pose a different challenge. Should the value of a vehicle’s locally sourced components fall short of 55% of the total, then an import tariff of 10% will be applied.įor internal-combustion engine (ICE) vehicles, this is not a problem as their supply chains have been established over a number of years. This applies to the UK and the EU specifically, so EU parts in a UK-built car would not count. ($-8.29B or -39.6%), Electrical machinery and electronics ($-2.08B or -17.2%), and Machinery, mechanical appliances, & parts ($-1.16B or -19.6%).The Rules of Origin chapter in the TCA states that 55% of a vehicle’s value must be made up of locally sourced components. In August 2023, the decrease in South Korea's year-by-year imports was explained primarily by an decrease in imports from United States ($-2.43B or -31.2%), Saudi Arabia ($-1.99B or -42.7%), and China ($-1.94B or -14.3%), and product imports decrease in Mineral fuels, mineral oils and products. Growth In August 2023, the decrease in South Korea's year-by-year exports was explained primarily by an decrease in exports to China ($-2.72B or -20.6%), Singapore ($-761M or -34.1%), and Chinese Taipei ($-409M or -18.2%), and product exports decrease in Electrical machinery and electronics ($-3.04B or -17%), Mineral fuels, mineral oils and products. ($12.7B), Electrical machinery and electronics ($10B), Machinery, mechanical appliances, & parts ($4.74B), Inorganic chemicals organic and inorganic compounds. In August 2023 the top imports of South Korea were Mineral fuels, mineral oils and products. ($4.44B), and Plastics and articles thereof ($3.03B). ($7B), Machinery, mechanical appliances, & parts ($5.66B), Mineral fuels, mineral oils and products. Trade In August 2023, the top exports of South Korea were Electrical machinery and electronics ($14.9B), Cars, tractors, trucks & parts thereof. Between August 2022 and August 2023 the exports of South Korea have decreased by $-5.14B (-9.03%) from $56.9B to $51.7B, while imports decreased by $-15.3B (-23.1%) from $66.3B to $51B. Overview In August 2023 South Korea exported $51.7B and imported $51B, resulting in a positive trade balance of $797M. Location South Korea borders North Korea by land and China and Japan by sea. In 2021, South Korea was the world's biggest importer of Inorganic Salts ($1.06B), Nitrile Compounds ($793M), Molybdenum Ore ($743M), Starch Residue ($562M), and Furskin Apparel ($287M) Imports The top imports of South Korea are Crude Petroleum ($60.6B), Integrated Circuits ($47.4B), Petroleum Gas ($24.5B), Refined Petroleum ($24.3B), and Photo Lab Equipment ($16.6B), importing mostly from China ($140B), United States ($66.4B), Japan ($51.1B), Australia ($29.4B), and Vietnam ($22.6B). In 2021, South Korea was the world's biggest exporter of Passenger and Cargo Ships ($17.7B), Blank Audio Media ($10.8B), Cyclic Hydrocarbons ($8.62B), Special Purpose Ships ($4.92B), and Styrene Polymers ($4.65B) Įxports The top exports of South Korea are Integrated Circuits ($116B), Cars ($44.7B), Refined Petroleum ($36.4B), Motor vehicles parts and accessories (8701 to 8705) ($19.3B), and Office Machine Parts ($18B), exporting mostly to China ($158B), United States ($95.9B), Vietnam ($56.5B), Hong Kong ($38.2B), and Japan ($30.1B). Overview In 2021, South Korea was the number 10 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 9 in total imports, the number 28 economy in terms of GDP per capita (current US$) and the number 4 most complex economy according to the Economic Complexity Index (ECI).
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