South Korea (KOR) and Canada (CAN) Trade | The Observatory of Economic Complexity

About

South Korea-Canada In 2022, South Korea exported $8.89B to Canada. The main products that South Korea exported to Canada are Cars ($3.25B), Motor vehicles; parts and accessories (8701 to 8705) ($320M), and Other Plastic Products ($306M). During the last 27 years the exports of South Korea to Canada have increased at an annualized rate of 5.34%, from $2.18B in 1995 to $8.89B in 2022.

In 2005, South Korea exported services to Canada worth $447M, with Transportation ($213M), Travel ($136M), and Other business services ($44.5M) being the largest in terms of value.

Canada-South Korea In 2022, Canada exported $6.96B to South Korea. The main products that Canada exported to South Korea were Coal Briquettes ($2.09B), Copper Ore ($775M), and Iron Ore ($620M). During the last 27 years the exports of Canada to South Korea have increased at an annualized rate of 4.15%, from $2.32B in 1995 to $6.96B in 2022.

In 2020, Canada exported services to South Korea worth $594M, with Travel ($374M), Transportation ($151M), and Royalties and license fees ($29.1M) being the largest in terms of value.

Comparison In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B). That same year, Canada ranked 31 in the Economic Complexity Index (ECI 0.85), and 9 in total exports ($587B).

Latest Trends

February, 2024

About

Overview In February 2024, South Korea exported $770M and imported $545M from Canada, resulting in a positive trade balance of $225M. Between February 2023 and February 2024 the exports of South Korea have increased by $60.7M (8.56%) from $709M to $770M, while imports increased by $130M (31.3%) from $415M to $545M.

Trade In February 2024, the top exports of South Korea to Canada were Cars, tractors, trucks & parts thereof. ($374M), Machinery, mechanical appliances, & parts ($69.5M), Iron or steel articles ($45.8M), Iron & steel ($26.3M), and Electrical machinery and electronics ($23M). In February 2024 the top imports of South Korea from Canada were Ores, slag and ash ($126M), Mineral fuels, mineral oils and products... ($95M), Meat & edible offal ($31.6M), Wood pulp & paper scrap ($27M), and Nickel articles ($17.4M).

Growth In February 2024, the increase in South Korea's year-by-year exports to Canada was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($91.6M or 32.4%), Iron or steel articles ($22.4M or 95.3%), and Precious stones, metals, & pearls ($13.7M or 6.16k%). In February 2024, the increase in South Korea's year-by-year imports from Canada was explained primarily by an increase in product imports in Wood pulp & paper scrap ($12.4M or 84.9%), Ores, slag and ash ($6.25M or 5.24%), and Nickel articles ($6.19M or 55.1%).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $8.89B to Canada. The main products exported from South Korea to Canada were Cars ($3.25B), Motor vehicles; parts and accessories (8701 to 8705) ($320M), and Other Plastic Products ($306M). During the last 27 years the exports of South Korea to Canada have increased at an annualized rate of 5.34%, from $2.18B in 1995 to $8.89B in 2022.

In 2022, Canada exported $6.96B to South Korea. The main products exported from Canada to South Korea were Coal Briquettes ($2.09B), Copper Ore ($775M), and Iron Ore ($620M). During the last 27 years the exports of Canada to South Korea have increased at an annualized rate of 4.15%, from $2.32B in 1995 to $6.96B in 2022.

Exports from South Korea () to Canada () (2022)

Exports from Canada () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Canada
Top DestinationUnited States$438B

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

In 2021, countries that imported more from South Korea than Canada were China ($150B), Vietnam ($60.7B), and Chinese Taipei ($28.4B).

In 2021, countries that imported more from Canada than South Korea were United States ($438B), United Kingdom ($12.9B), and Norway ($3.19B).

Difference in imports from Canada () and South Korea () (2022)

Comparative Advantage South Korea - Canada

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with Canada in the exports of Transportation ($3.73B), Machines ($1.98B), and Metals ($1.15B).

During 2022, Canada had a large net trade with South Korea in the exports of Mineral Products ($4.21B), Animal Products ($440M), and Metals ($383M).

Service Trade

Bilateral Service Trade

Can Year

In 2005, South Korea exported services to Canada worth $447M, with Transportation ($213M), Travel ($136M), and Other business services ($44.5M) being the largest in terms of value.

In 2020, Canada exported services to South Korea worth $594M, with Travel ($374M), Transportation ($151M), and Royalties and license fees ($29.1M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to Canada () (2005)

Services Exports from Canada () to South Korea () (2020)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more South Korea has comparative advantage over Canada. Similarly, the more yellow a dot/product is, the more Canada has comparative advantage over South Korea.

About

Latest Trends

About

Latest Trade

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Historical Data

Bilateral Trade by Products

Exports from South Korea () to Canada () (2022)

Exports from Canada () to South Korea () (2022)

Market Competitiveness

Difference in imports from Canada () and South Korea () (2022)

Comparative Advantage South Korea - Canada

Service Trade

Bilateral Service Trade

Services Exports from South Korea () to Canada () (2005)

Services Exports from Canada () to South Korea () (2020)

Economic Complexity

Competitive Landscape

Product Space of South Korea () and Canada () (2022)

About

Latest Trends

About

Latest Trade

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Historical Data

Bilateral Trade by Products

Exports from South Korea () to Canada () (2022)

Exports from Canada () to South Korea () (2022)

Market Competitiveness

Difference in imports from Canada () and South Korea () (2022)

Comparative Advantage South Korea - Canada

Service Trade

Bilateral Service Trade

Services Exports from South Korea () to Canada () (2005)

Services Exports from Canada () to South Korea () (2020)

Economic Complexity

Competitive Landscape

Product Space of South Korea () and Canada () (2022)

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