Rep. of Korea-Australia Bilateral Trade Analysis 2023
Complete trade statistics: $39.00B total volume •Rep. of Korea deficit: $2.80B
Rep. of Korea → Australia
$18.10B
Exports (2023)
Australia → Rep. of Korea
$20.90B
Imports (2023)
Trade Balance
$2.80B
Deficit for Rep. of Korea
Total Trade
$39.00B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Rep. of Korea and Australia. Green line shows exports from Rep. of Korea, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Rep. of Korea-Australia commercial relationship and competitive positioning in global markets.
Rep. of Korea → Australia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Rep. of Korea's export portfolio to Australia demonstrates strong diversification across multiple sectors, with petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils representing a key competitive advantage in this bilateral market.
Australia → Rep. of Korea Imports
Import Dependency Profile
📦 Import Strategy Analysis
Rep. of Korea's import pattern from Australia reveals strategic sourcingin coal: bituminous, whether or not pulverised, but not agglomerated, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Rep. of Korea demonstrates competitive strength in exportingpetroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils to Australia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $39.00B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Rep. of Korea-Australia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $39.00 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Rep. of Korea maintains a deficit of $2.80 billion
- Export Focus: Rep. of Korea's primary exports include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, vehicles: with only compression-ignition internal combustion piston engine (diesel or semi-diesel), cylinder capacity over 1500 but not over 2500cc
- Import Dependencies: Key imports from Australia include coal: bituminous, whether or not pulverised, but not agglomerated, iron ores and concentrates: non-agglomerated, oils: petroleum oils and oils obtained from bituminous minerals, crude
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents a significant global trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $39.00B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Rep. of Korea leveraging its comparative advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Rep. of Korea's specialization in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oilscomplements Australia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in coal: bituminous, whether or not pulverised, but not agglomerated.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $39.00B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $39.00B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $39.00 billion bilateral trade volume represents a significant economic factorfor both economies.
Industrial Integration
Trade flows in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils and coal: bituminous, whether or not pulverised, but not agglomerated demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Rep. of Korea's trade deficit of $2.80 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Rep. of Korea and Australia represents a total trade volume of $39.00 billion in 2023. This partnership demonstrates an unfavorable trade balance for Rep. of Korea, with imports exceeding exportsby $2.80 billion.
Export Strengths
Rep. of Korea's exports to Australia total $18.10 billion, with competitive advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, representing $11.08B or61.2% of bilateral exports.
Import Dependencies
Imports from Australia amount to $20.90 billion, highlighting economic interdependence in coal: bituminous, whether or not pulverised, but not agglomerated, with Coal: bituminous, whether or not pulverised, but not agglomerated comprising33.0% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Rep. of Korea's strategic sourcing from Australia. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Rep. of Korea and Australia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023