Norway (NOR) and South Korea (KOR) Trade | The Observatory of Economic Complexity

About

Norway-South Korea In 2022, Norway exported $1.72B to South Korea. The main products that Norway exported to South Korea are Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). During the last 27 years the exports of Norway to South Korea have increased at an annualized rate of 7.84%, from $224M in 1995 to $1.72B in 2022.

In 2022, Norway did not export any services to South Korea.

South Korea-Norway In 2022, South Korea exported $1.14B to Norway. The main products that South Korea exported to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). During the last 27 years the exports of South Korea to Norway have increased at an annualized rate of 2.58%, from $576M in 1995 to $1.14B in 2022.

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Comparison In 2022, Norway ranked 41 in the Economic Complexity Index (ECI 0.58), and 28 in total exports ($285B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B).

Latest Trends

February, 2024

About

Overview In February 2024, Norway exported NOK1.12B and imported NOK652M from South Korea, resulting in a positive trade balance of NOK473M. Between February 2023 and February 2024 the exports of Norway have decreased by NOK-58.8M (-4.97%) from NOK1.18B to NOK1.12B, while imports decreased by NOK-377M (-36.7%) from NOK1.03B to NOK652M.

Trade In February 2024, the top exports of Norway to South Korea were Non-ferrous metals (NOK491M), Fish (not marine mammals), crustaceans, molluscs... (NOK445M), Professional, scientific and controlling instruments and... (NOK105M), General industrial machinery and equipment, n.e.s.,... (NOK76.2M), and Animal or vegetable fats and oils,... (NOK16M). In February 2024 the top imports of Norway from South Korea were Road vehicles (including air-cushion vehicles) (NOK176M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK77M), Machinery specialized for particular industries (NOK50.5M), Inorganic chemicals (NOK23.8M), and Telecommunications and sound-recording and reproducing apparatus... (NOK20.1M).

Growth In February 2024, the decrease in Norway's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Petroleum, petroleum products and related materials (NOK-231M or -99.9%), General industrial machinery and equipment, n.e.s.,... (NOK-76.7M or -50.2%), and Furniture, and parts thereof; bedding, mattresses,... (NOK-5.04M or -99.2%). In February 2024, the decrease in Norway's year-by-year imports from South Korea was explained primarily by an decrease in product imports in Medicinal and pharmaceutical products (NOK-598M or -98.5%), Road vehicles (including air-cushion vehicles) (NOK-441M or -71.5%), and Electrical machinery, apparatus and appliances, n.e.s.,... (NOK-56.1M or -42.1%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)NOK-58.8M(-4.97%)

IMPORT GROWTH (February 2023 - February 2024)NOK-377M(-36.7%)

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Norway exported $1.72B to South Korea. The main products exported from Norway to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). During the last 27 years the exports of Norway to South Korea have increased at an annualized rate of 7.84%, from $224M in 1995 to $1.72B in 2022.

In 2022, South Korea exported $1.14B to Norway. The main products exported from South Korea to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). During the last 27 years the exports of South Korea to Norway have increased at an annualized rate of 2.58%, from $576M in 1995 to $1.14B in 2022.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Norway
Top DestinationGermany$78.1B

South Korea
Top DestinationChina$150B

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

In 2021, countries that imported more from Norway than South Korea were Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

In 2021, countries that imported more from South Korea than Norway were China ($150B), United States ($112B), and Vietnam ($60.7B).

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

Comparative Advantage Norway - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Norway had a large net trade with South Korea in the exports of Animal Products ($481M), Mineral Products ($415M), and Precious Metals ($215M).

During 2022, South Korea had a large net trade with Norway in the exports of Transportation ($736M), Machines ($147M), and Plastics and Rubbers ($125M).

Service Trade

Bilateral Service Trade

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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 Norway has comparative advantage over South Korea. Similarly, the more yellow a dot/product is, the more South Korea has comparative advantage over Norway.

About

Latest Trends

About

Latest Trade

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Historical Data

Bilateral Trade by Products

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

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

Market Competitiveness

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

Comparative Advantage Norway - South Korea

Service Trade

Bilateral Service Trade

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

Economic Complexity

Competitive Landscape

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

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