Market Size Comparison: USA vs South Korea | Economic Analysis
Market Size Comparison: USA vs South Korea | Economic Analysis
Recent statistics reveal that the economic gap between South Korea and the United States remains substantial. The data shows considerable differences in economic scale and export markets between the two countries.
Comparison of Economic Scale
The comparison of nominal Gross Domestic Product (GDP) for 2022 clearly illustrates the difference between South Korea and the United States.
| Country | Nominal GDP (2022) | Ratio to South Korea |
|---|---|---|
| USA | $25.4627 trillion | 1,522% |
| South Korea | $1.6733 trillion | 100% |
These figures demonstrate that the U.S. economy is more than 15 times larger than South Korea's. In global economic rankings, the U.S. holds the top position, while South Korea ranks 13th.
Export Market Trends
The disparity between the two countries is also evident in export markets.
Rise of the United States
- South Korea's exports to the U.S. in 2023 amounted to $115.70994 billion, a 5.4% increase from the previous year.
- The U.S. accounted for 18.30% of South Korea's total exports, the highest level in the past 20 years.
- Notably, in December 2023, the U.S. surpassed China as South Korea's largest export market.
Challenges for South Korea
- Meanwhile, South Korea's export share to China fell to 19.73%, dropping below 20% for the first time since 2004.
- South Korea's ranking among China's import partners dropped from 2nd in 2022 to 3rd in 2023.
Future Outlook
The gap between the two countries is expected to persist in economic growth projections as well.
| Country | 2024 Economic Growth Forecast |
|---|---|
| USA | 1.2% |
| South Korea | 1.5% |
While South Korea's growth rate is projected to be slightly higher, the absolute difference in economic scale suggests that narrowing the gap will remain challenging.
Conclusion
Although the economic size difference between the U.S. and South Korea remains significant, positive changes such as increased South Korean exports to the U.S. are observed. However, challenges such as a decline in global economic rankings and reduced exports to China persist. Strengthening South Korea's economic competitiveness and identifying new growth engines will likely be crucial tasks for the future.