2022
Flag  
GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP
$579BCURRENT US$
Rnk 25 / 186
2012-2022
Flag
GDP GROWTH
16.6%CURRENT US$
Rnk 131 / 186
2022
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GDP PC 
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC
$49,583CURRENT US$
Rnk 19 / 186
2012-2022
Flag
GDP PC GROWTH
11%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 18.6%,  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).

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 18.6%, 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 Destination
China$150B
Belgium
Top Destination
Germany$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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