South Korea (KOR) and Colombia (COL) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and Colombia (COL) Trade

2022

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Exports $1BRnk 56 / 220

2022

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About

South Korea-Colombia In 2022, South Korea exported $1B to Colombia. The main products that South Korea exported to Colombia are Cars ($125M), Large Construction Vehicles ($48.9M), and Alkylbenzenes and Alkylnaphthalenes ($46.2M). During the last 27 years the exports of South Korea to Colombia have increased at an annualized rate of 5.1%, from $262M in 1995 to $1B in 2022.

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

Colombia-South Korea In 2022, Colombia exported $617M to South Korea. The main products that Colombia exported to South Korea were Coal Briquettes ($260M), Coffee ($175M), and Ferroalloys ($81.8M). During the last 27 years the exports of Colombia to South Korea have increased at an annualized rate of 9.51%, from $53.1M in 1995 to $617M in 2022.

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

Comparison In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B). That same year, Colombia ranked 57 in the Economic Complexity Index (ECI 0.094), and 53 in total exports ($60.3B).

Latest Trends

February, 2024

About

Overview In February 2024, South Korea exported $83.8M and imported $49M from Colombia, resulting in a positive trade balance of $34.7M. Between February 2023 and February 2024 the exports of South Korea have increased by $12.9M (18.2%) from $70.9M to $83.8M, while imports increased by $28.6M (140%) from $20.4M to $49M.

Trade In February 2024, the top exports of South Korea to Colombia were Cars, tractors, trucks & parts thereof. ($10.9M), Plastics & articles thereof ($9.45M), Machinery, mechanical appliances, & parts ($8.24M), Iron & steel ($4.83M), and Rubber & articles thereof ($3.34M). In February 2024 the top imports of South Korea from Colombia were Mineral fuels, mineral oils and products... ($23.3M), Coffee, tea, mate & spices ($13.6M), Chemical products n.e.s. ($2.43M), Live trees, plants, bulbs, cut flowers,... ($2.41M), and Miscellaneous edible preparations ($1.91M).

Growth In February 2024, the increase in South Korea's year-by-year exports to Colombia was explained primarily by an increase in product exports in Rubber & articles thereof ($906k or 37.3%), Perfumery & cosmetics ($346k or 237%), and Soap, cleaners, candles, dental, modelling pastes ($247k or 48.9%). In February 2024, the increase in South Korea's year-by-year imports from Colombia was explained primarily by an increase in product imports in Coffee, tea, mate & spices ($2.23M or 19.7%), Chemical products n.e.s. ($1.67M or 218%), and Miscellaneous edible preparations ($1.32M or 226%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$12.9M(18.2%)

IMPORT GROWTH (February 2023 - February 2024)$28.6M(140%)

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 Colombia and South Korea 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, South Korea exported $1B to Colombia. The main products exported from South Korea to Colombia were Cars ($125M), Large Construction Vehicles ($48.9M), and Alkylbenzenes and Alkylnaphthalenes ($46.2M). During the last 27 years the exports of South Korea to Colombia have increased at an annualized rate of 5.1%, from $262M in 1995 to $1B in 2022.

In 2022, Colombia exported $617M to South Korea. The main products exported from Colombia to South Korea were Coal Briquettes ($260M), Coffee ($175M), and Ferroalloys ($81.8M). During the last 27 years the exports of Colombia to South Korea have increased at an annualized rate of 9.51%, from $53.1M in 1995 to $617M in 2022.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Colombia
Top DestinationUnited States$15.6B

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

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

In 2021, countries that imported more from Colombia than South Korea were Panama ($5.84B), Ecuador ($1.89B), and Venezuela ($632M).

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

Comparative Advantage South Korea - Colombia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with Colombia in the exports of Plastics and Rubbers ($248M), Machines ($191M), and Transportation ($172M).

During 2022, Colombia had a large net trade with South Korea in the exports of Mineral Products ($260M), Vegetable Products ($198M), and Metals ($127M).

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

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

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