India (IND) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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India-South Korea Trade: In 2022, India exported $4.75B to South Korea. The main products that India exported to South Korea were Refined Petroleum ($2.58B), Raw Aluminium ($1.34B), and Raw Lead ($252M). Over the past 5 years the exports of India to South Korea have increased at an annualized rate of 41%, from $852M in 2017 to $4.75B in 2022.

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

South Korea-India Trade: In 2022, South Korea exported $15.4B to India. The main products that South Korea exported to India were Integrated Circuits ($2.23B), Special Purpose Ships ($1.96B), and Refined Petroleum ($941M). Over the past 5 years the exports of South Korea to India have increased at an annualized rate of 66.1%, from $1.22B in 2017 to $15.4B in 2022.

In 2005, South Korea exported services to India worth $475M, with Transportation ($299M), Services not allocated ($82.3M), and Travel ($56.3M) being the largest in terms of value.

Comparison: In 2022, India ranked 40 in the Economic Complexity Index (ECI 0.64), and 15 in total exports ($468B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Latest Trends

April, 2024

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Overview In April 2024, India exported $452M and imported $1.55B from South Korea, resulting in a negative trade balance of $1.09B. Between April 2023 and April 2024 the exports of India have decreased by $-69.7M (-13.4%) from $522M to $452M, while imports decreased by $-48.4M (-3.04%) from $1.59B to $1.55B.

Trade In April 2024, the top exports of India to South Korea were Petroleum Products ($173M), Aluminium, Products Of Aluminm ($70.5M), Lead And Products Made Of Led ($24.9M), Iron And Steel ($23.8M), and Organic Chemicals ($20M). In April 2024 the top imports of India from South Korea were Iron And Steel ($206M), Electronics Components ($158M), Plastic Raw Materials ($133M), Organic Chemicals ($82.1M), and Auto Components/Parts ($81M).

Growth In April 2024, the decrease in India's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Aluminium, Products Of Aluminm ($-91.9M or -56.6%), Iron And Steel ($-21.3M or -47.3%), and Cotton Yarn ($-8.56M or -60%). In April 2024, the decrease in India's year-by-year imports from South Korea was explained primarily by an decrease in product imports in Iron And Steel ($-72.8M or -26.1%), Plastic Raw Materials ($-63.7M or -32.4%), and Electronics Components ($-27.1M or -14.7%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (April 2023 - April 2024)$-69.7M(-13.4%)

IMPORT GROWTH (April 2023 - April 2024)$-48.4M(-3.04%)

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

To check South Korea and India 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, India exported $4.75B to South Korea. The main products exported from India to South Korea were Refined Petroleum ($2.58B), Raw Aluminium ($1.34B), and Raw Lead ($252M). During the last 5 years the exports of India to South Korea have increased at an annualized rate of 41%, from $852M in 2017 to $4.75B in 2022.

In 2017, South Korea exported $15.4B to India. The main products exported from South Korea to India were Integrated Circuits ($2.23B), Special Purpose Ships ($1.96B), and Refined Petroleum ($941M). During the last 22 years the exports of South Korea to India have increased at an annualized rate of 66.1%, from $1.22B in 1995 to $15.4B in 2017.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

India
Top DestinationUnited States$82.9B

South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from India than South Korea included United Arab Emirates ($31.6B), Bangladesh ($13.8B), and Netherlands ($17.6B).

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

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

Comparative Advantage India - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, India had a large net trade with South Korea in the exports of Mineral Products ($2.69B), Metals ($2.19B), and Chemical Products ($1.02B).

During 2017, South Korea had a large net trade with India in the exports of Machines ($6.35B), Metals ($4.1B), and Transportation ($3.15B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential India South Korea+$1.25BRefined Petroleum

Top Product Potential South Korea India+$912MIntegrated Circuits

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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Economic Complexity

Competitive Landscape

Year

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

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Latest Trends

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Latest Trade

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Historical Data

Bilateral Trade by Products

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

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

Market Competitiveness

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

Comparative Advantage India - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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