South Korea (KOR) and Brazil (BRA) Trade | OEC - The Observatory of Economic Complexity

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South Korea-Brazil: In 2019, South Korea exported $4.83B to Brazil. The main products that South Korea exported to Brazil are Integrated Circuits ($1.01B), Vehicle Parts ($603M), and Broadcasting Accessories ($251M). During the last 24 years the exports of South Korea to Brazil have increased at an annualized rate of 4.98%, from $1.5B in 1995 to $4.83B in 2019.

In 2005, South Korea exported services to Brazil worth $184M, with Transportation ($158M), Other business services ($11.9M), and Travel ($11.2M) being the largest in terms of value.

Brazil-South Korea: In 2019, Brazil exported $3.55B to South Korea . The main products that Brazil exported to South Korea were Iron Ore ($615M), Corn ($588M), and Soybean Meal ($509M). During the last 24 years the exports of Brazil to South Korea have increased at an annualized rate of 5.86%, from $906M in 1995 to $3.55B in 2019.

In 2019, Brazil did not exported services to South Korea.

Comparison: In 2019, South Korea ranked 5 in the Economic Complexity Index (ECI 1.9), and 6 in total exports ($555B). That same year, Brazil ranked 49 in the Economic Complexity Index (ECI 0.51), and 25 in total exports ($230B).

Latest Trends (May, 2021)

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About

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Overview: In May 2021 South Korea exported $334M and imported $495M from Brazil, resulting in a negative trade balance of $161M. Between May 2020 and May 2021 the exports of South Korea have increased by $126M (60.5%) from $208M to $334M, while imports increased by $73.5M (17.4%) from $422M to $495M.

Trade: In May 2021, the top exports of South Korea to Brazil were Electrical machinery and equipment and parts... ($105M), Nuclear reactors, boilers, machinery and mechanical... ($50.1M), Plastics and articles thereof ($41.4M), Vehicles; other than railway or tramway... ($38.9M), and Iron and steel ($20M). In May 2021 the top imports of South Korea from Brazil were Mineral fuels, mineral oils and products... ($179M), Ores, slag and ash ($69.5M), Food industries, residues and wastes thereof;... ($62M), Oil seeds and oleaginous fruits; miscellaneous... ($30.3M), and Iron and steel ($29.9M).

Growth: In May 2021, the increase in South Korea's year-by-year exports to Brazil was explained primarily by an increase in product exports in Plastics and articles thereof ($32.8M or 382%), Electrical machinery and equipment and parts... ($32M or 44%), and Nuclear reactors, boilers, machinery and mechanical... ($31.6M or 171%). In May 2021, the increase in South Korea's year-by-year imports from Brazil was explained primarily by an increase in product imports in Mineral fuels, mineral oils and products... ($72.7M or 68.6%), Iron and steel ($21.4M or 251%), and Cotton ($10.2M or 218%).

Latest Trade

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Time Scale

Flow

Depth

Value

EXPORT GROWTH (May 2020 - May 2021): $126M, (60.5%)

IMPORT GROWTH (May 2020 - May 2021): $73.5M, (17.4%)

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 Brazil and South Korea trade dynamics, check the bilateral page.

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Historical Data

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Bilateral Trade by Products

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Depth

Value

Year

In 2019, South Korea exported $4.83B to Brazil. The main products exported from South Korea to Brazil were Integrated Circuits ($1.01B), Vehicle Parts ($603M), and Broadcasting Accessories ($251M). During the last 24 years the exports of South Korea to Brazil have increased at an annualized rate of 4.98%, from $1.5B in 1995 to $4.83B in 2019.

In 2019, Brazil exported $3.55B to South Korea. The main products exported from Brazil to South Korea were Iron Ore ($615M), Corn ($588M), and Soybean Meal ($509M). During the last 24 years the exports of Brazil to South Korea have increased at an annualized rate of 5.86%, from $906M in 1995 to $3.55B in 2019.

Latest Data

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Date

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Date

Market Competitiveness

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Measure

SectionYear

South Korea
Top Destination: China, $136B

Brazil
Top Destination: China, $63.5B

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

In 2019, countries that imported more from South Korea than Brazil were China ($136B), Vietnam ($47.8B), and United States ($74.8B).

In 2019, countries that imported more from Brazil than South Korea were Argentina ($9.85B), Netherlands ($9.13B), and Chile ($5.24B).

Comparative Advantage South Korea - Brazil

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Depth

Year

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

During 2019, South Korea had a large net trade with Brazil in the exports of Machines ($2.39B), Transportation ($820M), and Metals ($424M).

During 2019, Brazil had a large net trade with South Korea in the exports of Mineral Products ($821M), Foodstuffs ($819M), and Vegetable Products ($713M).

Tariff Section

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Tariffs

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This section shows import tariffs for products traded between South Korea and Brazil (using the HS6 product classification and the last year reported).

In 2018, the products from South Korea that paid the highest import tariffs to enter Brazil were Cereals: fonio (Digitaria spp.) (800%) and Cereals: quinoa (Chenopodium quinoa) (800%).

In 2018, the products from Brazil that paid the highest import tariffs to enter South Korea were Nuts, edible: coconuts, desiccated (55%) and Peaches, otherwise prepared or preserved (35%).

*The tariffs present between South Korea and Brazil are:
136: Most Favoured Nation duty rate treatement
335: Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries
340: Preferential tariff under the Trade Negotiations among Developing Countries (TNDC) in WTO

Service Trade

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Bilateral Service Trade

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In 2005, South Korea exported services to Brazil worth $184M, with Transportation ($158M), Other business services ($11.9M), and Travel ($11.2M) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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Year

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

About

Latest Trends (May, 2021)

About

Latest Trade

Historical Data

Bilateral Trade by Products

Latest Data

Market Competitiveness

Comparative Advantage South Korea - Brazil

Tariff Section

Tariffs

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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