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
$1.4TCURRENT US$
Rnk 15 / 186
2012-2022
Flag
GDP GROWTH
5.49%CURRENT US$
Rnk 154 / 186
2022
Flag
GDP PC 
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186
2022
Flag
GDP PC
$29,350CURRENT US$
Rnk 40 / 186
2012-2022
Flag
GDP PC GROWTH
3.63%CURRENT US$
Rnk 132 / 186

About

South Korea-Spain Trade: In 2022, South Korea exported $3.63B to Spain. The main products that South Korea exported to Spain were Cars ($1.06B), Polycarboxylic Acids ($167M), and Industrial Fatty Acids, Oils and Alcohols ($140M). Over the past 5 years the exports of South Korea to Spain have increased at an annualized rate of 1.34%, from $3.4B in 2017 to $3.63B in 2022.

In 2005, South Korea exported services to Spain worth $216M, with Transportation ($174M), Other business services ($24.3M), and Travel ($14.6M) being the largest in terms of value.

Spain-South Korea Trade: In 2022, Spain exported $2.37B to South Korea. The main products that Spain exported to South Korea were Pig Meat ($455M), Non-Iron and Steel Slag, Ash and Residues ($109M), and Packaged Medicaments ($101M). Over the past 5 years the exports of Spain to South Korea have increased at an annualized rate of 1.97%,  from $2.15B in 2017 to $2.37B in 2022.

In 2009, Spain exported services to South Korea worth $108M, with Services not allocated ($108M) 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, Spain ranked 33 in the Economic Complexity Index (ECI 0.81), and 20 in total exports ($394B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $3.63B to Spain. The main products exported from South Korea to Spain were Cars ($1.06B), Polycarboxylic Acids ($167M), and Industrial Fatty Acids, Oils and Alcohols ($140M). During the last 5 years the exports of South Korea to Spain have increased at an annualized rate of 1.34%, from $3.4B in 2017 to $3.63B in 2022.

In 2017, Spain exported $2.37B to South Korea. The main products exported from Spain to South Korea were Pig Meat ($455M), Non-Iron and Steel Slag, Ash and Residues ($109M), and Packaged Medicaments ($101M). During the last 5 years the exports of Spain to South Korea have increased at an annualized rate of 1.97%, from $2.15B in 2022 to $2.37B in 2017.

Exports from South Korea (Flag) to Spain (Flag) (2022)

Exports from Spain (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top Destination
China$150B
Spain
Top Destination
France$65.2B

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

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

In 2022, countries that imported more from Spain than South Korea included France ($65.2B), Portugal ($34.9B), and Germany ($39.2B).

Difference in imports from Spain (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Spain

Flow
Scale

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

During 2022, South Korea had a large net trade with Spain in the exports of Transportation ($1.2B), Metals ($566M), and Machines ($523M).

During 2017, Spain had a large net trade with South Korea in the exports of Animal Products ($598M), Machines ($341M), and Chemical Products ($318M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Spain+$273MCars
Top Product Potential Spain South Korea+$73.4MPackaged Medicaments

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

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

Product Space of South Korea (Flag) and Spain (Flag) (2022)

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