Cars dominate EU trade with South Korea

Cars dominate EU trade with South Korea

Cars dominate EU trade with South Korea

The FINANCIAL – Logo Statistics ExplainedSouth Korea was the EU's 8th largest partner for imports in 2017 (3 % of total extra-EU imports) and also the 8th largest for EU exports (3 % of total extra-EU exports).

The EU ran a trade deficit (meaning that it imported more than it exported) with South Korea from 2008 to 2012. This trade deficit turned into a surplus in 2013, which lasted until 2016 and then turned into a slight deficit (EUR 0.2 billion) in 2017.

EU exports to South Korea were dominated by "machinery and vehicles", "chemicals" and "other manufactured goods", which together accounted for 84 % of EU exports to South Korea. These categories dominated imports even more, making up 95 % of EU imports from South Korea. At a more detailed level, cars were both the EU’s most exported and most imported product with South Korea.

Among the Member States, Germany (EUR 10 billion) was the largest importer from South Korea, and also the largest exporter in 2017.