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2022
Flag → Flag
Exports $4.69BRnk 27 / 220
2022
Flag → Flag
Top Product $719MLarge Construction Vehicles
2022
Flag → Flag
Exports $3.04BRnk 25 / 222
2022
Flag → Flag
Top Product $1.16BVaccines, blood, antisera, toxins and cultures
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
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GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
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GDP GROWTH16.6%CURRENT US$
Rnk 131 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$49,583CURRENT US$
Rnk 19 / 186
2012-2022
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GDP PC GROWTH11%CURRENT US$
Rnk 112 / 186

About

South Korea-Belgium Trade: In 2022, South Korea exported $4.69B to Belgium. The main products that South Korea exported to Belgium were Large Construction Vehicles ($719M), Cars ($683M), and Refined Petroleum ($291M). Over the past 5 years the exports of South Korea to Belgium have increased at an annualized rate of 11.3%, from $2.75B in 2017 to $4.69B in 2022.

In 2005, South Korea exported services to Belgium worth $206M, with Transportation ($149M), Other business services ($23.1M), and Insurance services ($20.1M) being the largest in terms of value.

Belgium-South Korea Trade: In 2022, Belgium exported $3.04B to South Korea. The main products that Belgium exported to South Korea were Vaccines, blood, antisera, toxins and cultures ($1.16B), Platinum ($153M), and Cars ($140M). Over the past 5 years the exports of Belgium to South Korea have increased at an annualized rate of 5.14%,  from $1.3B in 2017 to $3.04B in 2022.

In 2020, Belgium exported services to South Korea worth $381M, with Royalties and license fees ($155M), Other business services ($122M), and Transportation ($66.2M) being the largest in terms of value.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Belgium ranked 19 in the Economic Complexity Index (ECI 1.25), and 13 in total exports ($475B).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $321M and imported $102M from Belgium, resulting in a positive trade balance of $219M. Between July 2023 and July 2024 the exports of South Korea have decreased by $-61.9M (-16.2%) from $383M to $321M, while imports decreased by $-23.8M (-18.9%) from $125M to $102M.

Trade In July 2024, the top exports of South Korea to Belgium were Cars, tractors, trucks & parts thereof. ($97.9M), Machinery, mechanical appliances, & parts ($90.6M), Iron & steel ($60.6M), Plastics & articles thereof ($49.9M), and Organic chemicals ($39.7M). In July 2024 the top imports of South Korea from Belgium were Mineral fuels, mineral oils and products... ($36.6M), Pharmaceutical products ($33M), Chemical products n.e.s. ($18.4M), Precious stones, metals, & pearls ($13.6M), and Machinery, mechanical appliances, & parts ($12.3M).

Growth In July 2024, the decrease in South Korea's year-by-year exports to Belgium was explained primarily by an decrease in product exports in Iron & steel ($-39.8M or -39.6%), Plastics & articles thereof ($-19.6M or -28.2%), and Chemical products n.e.s. ($-3.16M or -48.3%). In July 2024, the decrease in South Korea's year-by-year imports  from Belgium was explained primarily by an decrease in product imports  in Pharmaceutical products ($-43.8M or -57%), Photo & movie goods ($-5.94M or -72.4%), and Cars, tractors, trucks & parts thereof. ($-5.12M or -63.6%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$-61.9M(-16.2%)
IMPORT GROWTH (July 2023 - July 2024)$-23.8M(-18.9%)

This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot or any product to explore the exports or imports behavior of South Korea over time.

To check Belgium and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Belgium and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $4.69B to Belgium. The main products exported from South Korea to Belgium were Large Construction Vehicles ($719M), Cars ($683M), and Refined Petroleum ($291M). During the last 5 years the exports of South Korea to Belgium have increased at an annualized rate of 11.3%, from $2.75B in 2017 to $4.69B in 2022.

In 2017, Belgium exported $3.04B to South Korea. The main products exported from Belgium to South Korea were Vaccines, blood, antisera, toxins and cultures ($1.16B), Platinum ($153M), and Cars ($140M). During the last 5 years the exports of Belgium to South Korea have increased at an annualized rate of 5.14%, from $1.3B in 2022 to $3.04B in 2017.

Exports from South Korea (Flag) to Belgium (Flag) (2022)

Exports from Belgium (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Belgium
Top DestinationGermany$91.9B

This map shows whether countries import more from South Korea or Belgium. Each country is colored based on the difference in imports they receive from South Korea and Belgium or the difference in the growth in imports.

In 2022, countries that imported more from South Korea than Belgium included China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2022, countries that imported more from Belgium than South Korea included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

Difference in imports from Belgium (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Belgium

Flow
Scale

This chart compares trade between South Korea and Belgium by product, considering products traded by both, South Korea and Belgium.

During 2022, South Korea had a large net trade with Belgium in the exports of Machines ($1.1B), Transportation ($986M), and Metals ($829M).

During 2017, Belgium had a large net trade with South Korea in the exports of Chemical Products ($1.69B), Mineral Products ($237M), and Machines ($186M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Belgium+$271MCars
Top Product Potential Belgium South Korea+$193MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2005, South Korea exported services to Belgium worth $206M, with Transportation ($149M), Other business services ($23.1M), and Insurance services ($20.1M) being the largest in terms of value.

In 2020, Belgium exported services to South Korea worth $381M, with Royalties and license fees ($155M), Other business services ($122M), and Transportation ($66.2M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea (Flag) to Belgium (Flag) (2005)

Services Exports from Belgium (Flag) to South Korea (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of South Korea and Belgium. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Belgium. Similarly, a dot/product with the flag of Belgium indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Belgium (Flag) (2022)

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