South Korea: Exports of goods and services as percent of GDP, 1960 - 2020:
For that indicator, we provide data for South Korea from 1960 to 2020. The average value for South Korea during that period was 27.92 percent with a minimum of 2.62 percent in 1960 and a maximum of 54.09 percent in 2012.
The latest value from 2020 is 36.9 percent. For comparison, the world average in 2020 based on 139
countries is 40.57 percent.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
The exports of South Korea and other countries are calculated as the total amount of goods and services produced at home and sold abroad. Exports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.
If exports are about 15 percent or less of GDP the economy is considered relatively closed as only 15 percent of its products are sold internationally. That, for example, applies to the U.S. In contrast, many small European countries export over 40 percent of their production. They are considered more open to international trade.
Definition: Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.