Over the last decade, EU28 exports to South Korea more than doubled, from 17.7 billion euro in 2002 to a peak of 37.8 bn in 2012. EU28 imports from South Korea grew more modestly, from 24.7 bn to 38.0 bn, but remained below the peak of 41.7 bn recorded in 2007. The EU28 has always recorded a trade deficit with South Korea, but since 2006 this deficit has progressively fallen, from 18.1 bn to almost in balance (-0.2 bn) in 2012.

In the first six months of 2013, EU28 exports to South Korea remained nearly stable compared with the first six months of 2012 at around 18.5 bn, while imports decreased from 19.8 bn to 17.7 bn. As a result, the trade deficit of 1.4 bn registered in the first half of 2012 turned into a small surplus of 1.0 bn in the first six months of 2013. South Korea was the EU28's 10th most important trading partner, accounting for just over 2% of EU28 trade in goods.

Germany, the United Kingdom and France accounted for more than 60% of exports to South Korea

Among the EU28 Member States, Germany (7.0 bn euro or 38% of EU exports) was by far the largest exporter to South Korea in the first six months of 2013, followed by the United Kingdom (2.6 bn or 14%), France (1.8 bn or 10%) and Italy (1.8 bn or 9%). Germany (3.6 bn or 20% of EU imports) was also the largest importer, followed by Slovakia (1.9 bn or 11%), the United Kingdom (1.6 bn or 9%) and France (1.5 bn or 8%). The largest trade deficits with South Korea were recorded by Slovakia (-1.9 bn), Poland (-0.9 bn) and the Czech Republic (-0.6 bn), and the largest surpluses by Germany (+3.4 bn) and the United Kingdom (+1.0 bn).