Steel a crucial material in the industrial sector is right now one of the most highly sought-after global commodities due to its versatility and diverse range of applications in different industries ranging from construction sites to crockery’s manufacturing and transportation sectors. South Korea on the Korean Peninsula basically in Eastern Asia has recorded its name as one of the top steel exporters globally because of its advanced manufacturing technology; the use of cutting-edge technology in the industries boosts the production rates, the strong transportation sector of the nation and the long shelf life of the steel products manufactured in South Korea make the other top traders like the United States and China depend on the country for its steel imports.

The country has acknowledged tremendous trade growth in its global steel exports because of its reliability in the top production sectors like POSCO and Hyundai Steel. The Vast scale of production units every year has recorded an export trade value of 48 billion US dollars in 2023 a significant increase from the export trade rate of 2020 i.e. 30 million metric tons worth 25 billion US dollars.

Top 10 South Korean Steel Exports in 2023

The growing demand for steel products from South Korea has led to a tremendous growth in the trade rate. According to the South Korea Trade Data, the top 10 steel exports of the nation in 2023 are discussed below,

• Hot rolled sheets – Market value – 5 billion US dollars
• Cold rolled sheets– Market value – 4 billion US dollars
• Galvanized sheets – Market value – 2 billion US dollars
• Steel pipes and tubes – Market value – 1.5 billion US dollars
• Reinforcing bars– Market value – 1.2 billion US dollars
• Wire rods – Market value – 900 million US dollars
• Electrical sheet – Market value – 800 million US dollars
• Flat-rolled stainless steel products – Market value – 700 million US dollars
• Pipes and tubes of iron – Market value – 600 million US dollars
• Ferrous waste and scrap – Market value – 500 million US dollars

Top 10 Steel Importers From South Korea

South Korea’s vast production capability of producing steel and wide range of exporting factors has made the country a top global exporter. As per the detailed analysis of the South Korea Export Data, the top 10 countries that have imported steel products from South Korea in 2023 are,

• China – According to the China Import Data, the import value of Steel from South Korea in 2023 – 12 billion US dollars

Variation of Steel Exports From South Korea

1. Hot-rolled Steel
2. Cold-rolled Steel
3. Galvanized Steel
4. Steel Pipes and Tubes
5. Stainless Steel

• Japan – According to the Japan Import Data, the import value of Steel from South Korea in 2023 – 7 billion US dollars

Variation of Steel Exports From South Korea

1. Carbon Hot-rolled Steel
2. Cold-rolled Structural Steel
3. Hot-dip Galvanized Steel
4. Ferritic Stainless Steel
5. Grain-oriented Electrical Steel

• United States – According to the USA Import Data, the import value of Steel from South Korea in 2023 – 4 billion US dollars

Variation of Steel Exports From South Korea

1. Steel Pipes for Oil and Gas
2. Laminated Electrical Steel
3. Electrical Steel for Power Generation
4. Dual-phase Steel (DP)
5. Advanced High-strength Steel (AHSS)

• Vietnam – According to the Vietnam Import Data, the import value of Steel from South Korea in 2023 – 3 billion US dollars

Variation of Steel Exports From South Korea

1. Complex Phase Steel
2. Twinning Induced Plasticity Steel
3. High-strength Low-alloy Steel
4. Boron Steel
5. Martensitic Steel

• Thailand – According to the Thailand Import Data, the import value of Steel from South Korea in 2023 – 2 billion US dollars

Variation of Steel Exports From South Korea

1. Angle Steel
2. Heat-resistant Steel
3. Corrosion-resistant Steel
4. Weathering Steel
5. High-manganese Steel

• Indonesia – According to the Indonesia Import Data, the import value of Steel from South Korea in 2023 – 1 billion US dollars

Variation of Steel Exports From South Korea

1. Galvanized Steel for Roofing
2. Austenitic Stainless Steel
3. Precipitation Hardening Stainless Steel
4. Stainless Steel for Automotive
5. Alloy Hot-rolled Steel

• Malaysia – According to the Malaysia Import Data, the import value of Steel from South Korea in 2023 – 800 million US dollars

Variation of Steel Exports From South Korea

1. Electro-galvanized Steel
2. Zinc-aluminum Coated Steel
3. Seamless Steel Pipes
4. Welded Steel Pipes
5. Stainless Steel Tubes

• India – According to the India Import Data, the import value of Steel from South Korea in 2023 – 500 million US dollars

Variation of Steel Exports From South Korea

1. Non-grain-oriented Electrical Steel
2. Thin-gauge Electrical Steel
3. High-silicon Electrical Steel
4. Electrical Steel for Transformers
5. Water-hardening Tool Steel

• Turkey – According to the Turkey Import Data, the import value of Steel from South Korea in 2023 – 400 million US dollars

Variation of Steel Exports From South Korea

1. Complex Phase Steel
2. H-beam Steel
3. Steel Sheet Piles
4. Galvanized Steel for Appliances
5. Duplex Stainless Steel

• Philippines – According to the Philippines Import Data, the import value of Steel from South Korea in 2023 – 300 million US dollars

Variation of Steel Exports From South Korea

- Galvanized Steel Pipes
- Electrical Steel for Generators
- High-silicon Electrical Steel
- Laminated Electrical Steel
- Cold-rolled Electrical Steel

Growth Rate of South Korea Steel Exports in the Last 10 Years

Export Trade Value of Steel from South Korea in 2013 – 28 billion US dollars

Export Trade Value of Steel from South Korea in 2014 – 32 billion US dollars

Export Trade Value of Steel from South Korea in 2015 – 30 billion US dollars

Export Trade Value of Steel from South Korea in 2016 – 25 billion US dollars

Export Trade Value of Steel from South Korea in 2017 - 36 billion US dollars

Export Trade Value of Steel from South Korea in 2018 – 38 billion US dollars

Export Trade Value of Steel from South Korea in 2019 – 39.4 billion US dollars

Export Trade Value of Steel from South Korea in 2020 – 40 billion US dollars

Export Trade Value of Steel from South Korea in 2021 – 42 billion US dollars

Export Trade Value of Steel from South Korea in 2022 – 44 billion US dollars

FAQ’s

Que. What is the export trade value of steel in South Korea in 2023?
Ans. The export trade value of steel in South Korea in 2023 is 48 billion US dollars.

Que. Who is the top importer of South Korean steel goods in 2023?
Ans. China is the top importer of South Korean steel goods in 2023.

Que. Where can you get a detailed trade analysis of South Korean steel exports in 2023?
Ans. At Import Globals, you can get a detailed trade analysis of South Korean Steel Exports in 2023.

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