USA-Rep. of Korea Bilateral Trade Analysis 2023
Complete trade statistics: $179.24B total volume •USA deficit: $56.58B
USA → Rep. of Korea
$61.33B
Exports (2023)
Rep. of Korea → USA
$117.91B
Imports (2023)
Trade Balance
$56.58B
Deficit for USA
Total Trade
$179.24B
Combined Volume
Trade Flow Visualization
Direct trade relationship between USA and Rep. of Korea. Green line shows exports from USA, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the USA-Rep. of Korea commercial relationship and competitive positioning in global markets.
USA → Rep. of Korea Exports
Export Market Intelligence
🎯 Strategic Export Focus
USA's export portfolio to Rep. of Korea demonstrates strong diversification across multiple sectors, with oils: petroleum oils and oils obtained from bituminous minerals, crude representing a key competitive advantage in this bilateral market.
Rep. of Korea → USA Imports
Import Dependency Profile
📦 Import Strategy Analysis
USA's import pattern from Rep. of Korea reveals strategic sourcingin vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
USA demonstrates competitive strength in exportingoils: petroleum oils and oils obtained from bituminous minerals, crude to Rep. of Korea, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $179.24B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: USA-Rep. of Korea Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $179.24 billionrepresenting a significant bilateral economic relationship
- Trade Balance: USA maintains a deficit of $56.58 billion
- Export Focus: USA's primary exports include oils: petroleum oils and oils obtained from bituminous minerals, crude, machines and apparatus of a kind used solely or principally for the manufacture of semiconductor devices or of electronic integrated circuits, petroleum gases and other gaseous hydrocarbons: liquefied, natural gas
- Import Dependencies: Key imports from Rep. of Korea include vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1000 but not over 1500cc
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents one of the world's largest 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 $179.24B 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 USA leveraging its comparative advantages in oils: petroleum oils and oils obtained from bituminous minerals, crude.
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
USA's specialization in oils: petroleum oils and oils obtained from bituminous minerals, crudecomplements Rep. of Korea's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $179.24B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $179.24B 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 $179.24 billion bilateral trade volume represents a major economic driverfor both economies.
Industrial Integration
Trade flows in oils: petroleum oils and oils obtained from bituminous minerals, crude and vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
USA's trade deficit of $56.58 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 USA and Rep. of Korea represents a total trade volume of $179.24 billion in 2023. This partnership demonstrates an unfavorable trade balance for USA, with imports exceeding exportsby $56.58 billion.
Export Strengths
USA's exports to Rep. of Korea total $61.33 billion, with competitive advantages in oils: petroleum oils and oils obtained from bituminous minerals, crude, representing $12.06B or19.7% of bilateral exports.
Import Dependencies
Imports from Rep. of Korea amount to $117.91 billion, highlighting economic interdependence in vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, with Vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc comprising8.0% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates USA's strategic sourcing from Rep. of Korea. 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 USA and Rep. of Korea in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023