Korea - Exports of goods and services (% of GDP)

Exports of goods and services (% of GDP) in Korea was 36.45 as of 2020. Its highest value over the past 60 years was 54.09 in 2012, while its lowest value was 2.62 in 1960.

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.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 2.62
1961 4.04
1962 3.87
1963 3.95
1964 4.96
1965 7.13
1966 8.44
1967 9.11
1968 10.14
1969 10.61
1970 11.44
1971 12.68
1972 16.60
1973 23.92
1974 22.23
1975 22.65
1976 25.53
1977 26.05
1978 25.00
1979 23.65
1980 28.44
1981 29.94
1982 27.37
1983 27.89
1984 28.90
1985 26.87
1986 31.97
1987 34.82
1988 32.49
1989 27.36
1990 24.99
1991 23.78
1992 24.07
1993 23.67
1994 24.07
1995 25.72
1996 24.80
1997 28.35
1998 39.54
1999 32.59
2000 33.94
2001 31.79
2002 29.77
2003 31.40
2004 36.75
2005 35.28
2006 35.63
2007 37.39
2008 47.64
2009 45.19
2010 47.10
2011 53.34
2012 54.09
2013 51.29
2014 47.83
2015 42.99
2016 40.13
2017 40.93
2018 41.71
2019 39.28
2020 36.45

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts