Last Year, South Korea's Top Trade Surplus Partner Was Hong Kong... Largest Deficit Partner Was Japan

[Asia Economy Reporter Kim Bo-kyung] Last year, South Korea gained the most profit from trade with Hong Kong. Although the trade deficit with Japan remained the largest among trading partners, the deficit size was the smallest in 16 years due to Japan's export restrictions to South Korea and the boycott of Japanese products.

According to the '2019 Export and Import Item and Country Analysis' released by the Korea Customs Service on the 28th, last year's trade surplus with Hong Kong was $30.139 billion, ranking first among trading partners.

China, which held the top spot for 10 years from 2009 to 2018 (surplus amount of $28.994 billion), dropped to second place. Vietnam ($27.106 billion) took third place. Poland ($4.551 billion, 9th) newly entered the list of the top 10 trade surplus countries.

The country with which South Korea had the largest trade deficit was still Japan (deficit amount of $19.163 billion). However, the deficit with Japan was the smallest in 16 years since 2003 ($19.037 billion).

Saudi Arabia ($18.113 billion) and Australia ($12.716 billion) caused the second and third largest trade deficits for South Korea.

In terms of exports alone, South Korea's top five export partners were China ($136.213 billion, 25.1%), the United States ($73.348 billion, 13.5%), Vietnam ($48.178 billion, 8.9%), Hong Kong ($31.914 billion, 5.9%), and Japan ($28.412 billion, 5.2%) in that order.

The top five import partners were China ($107.220 billion, 21.3%), the United States ($61.872 billion, 12.3%), Japan ($47.575 billion, 9.5%), Saudi Arabia ($21.814 billion, 4.3%), and Vietnam ($21.071 billion, 4.2%).

The item South Korea exported the most was semiconductors ($93.935 billion), accounting for 17.3% of the total export amount ($542.333 billion).

Following were automobiles ($43.040 billion, 7.9%), petroleum products ($40.648 billion, 7.5%), automobile parts ($22.536 billion, 4.2%), and flat panel displays ($20.493 billion, 3.8%).

Compared to 2018, exports of semiconductors (-25.9%), wireless communication devices (-17.6%), flat panel displays (-17%), and petroleum products (-12.3%) decreased.

The top five import items were crude oil ($70.193 billion, 13.9%), semiconductors ($47.030 billion, 9.3%), natural gas ($20.575 billion, 4.1%), petroleum products ($17.536 billion, 3.5%), and coal ($14.212 billion, 2.8%).

Imports of petroleum products (-18.2%), coal (-14.9%), and crude oil (-12.7%) decreased, but wireless communication devices (9.6%) and semiconductors (5.1%) actually increased.