South Korea: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| South Korea |
Trade balance as percent of GDP |
|---|---|
| Latest value | 0.05 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1960 - 2023 |
| Average | -1.49 |
| Min - Max | -12.49 - 10.58 |
| Source | The World Bank |
The latest value from 2023 is 0.05 percent, an increase from 0.01 percent in 2022. In comparison, the world average is -3.03 percent, based on data from 137 countries. Historically, the average for South Korea from 1960 to 2023 is -1.49 percent. The minimum value, -12.49 percent, was reached in 1968 while the maximum of 10.58 percent was recorded in 1998.
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* indicates monthly or quarterly data series
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The trade balance for South Korea and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services).
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 92.30 | 2021 | percent |
| Trade openness | 87.94 | 2023 | percent |
| Financial openness | 2.299 | 2021 | index points |
| Exports, percent of GDP | 44.00 | 2023 | percent |
| Exports, billion dollars | 753.55 | 2023 | billion U.S. dollars |
| Growth of exports | 3.08 | 2023 | percent |
| Imports, percent of GDP | 43.94 | 2023 | percent |
| Imports, billion dollars | 752.67 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 0.89 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 25.04 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | 11,622.50 | 2023 | million dollars (current) |
| Current account, percent of GDP | 3.50 | 2022 | percent |
| Current account, in dollars | 35.49 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | 0.05 | 2023 | percent |
| Trade balance, in dollars | 8.43 | 2023 | billion U.S. dollars |
| Reserves | 420.93 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 0.45 | 2023 | percent |
| Remittances | 7,653.00 | 2023 | million U.S. dollars |
| Net errors and omissions | -3,137.60 | 2023 | million USD |
| Foreign exchange reserves | 420.00 | 9/2024 | billion |