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2022
Flag → Flag
Exports $5.02BRnk 25 / 220
2022
Flag → Flag
Top Product $773MIndustrial Fatty Acids, Oils and Alcohols
2022
Flag → Flag
Exports $744MRnk 28 / 205
2022
Flag → Flag
Top Product $156MCars
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 1.38Rnk 14 / 133
2022
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GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$179BCURRENT US$
Rnk 57 / 186
2012-2022
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GDP GROWTH38.8%CURRENT US$
Rnk 86 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$18,463CURRENT US$
Rnk 55 / 186
2012-2022
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GDP PC GROWTH42.2%CURRENT US$
Rnk 44 / 186

About

South Korea-Hungary Trade: In 2022, South Korea exported $5.02B to Hungary. The main products that South Korea exported to Hungary were Industrial Fatty Acids, Oils and Alcohols ($773M), Machinery Having Individual Functions ($755M), and Electric Batteries ($369M). Over the past 5 years the exports of South Korea to Hungary have increased at an annualized rate of 30.5%, from $1.33B in 2017 to $5.02B in 2022.

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

Hungary-South Korea Trade: In 2022, Hungary exported $744M to South Korea. The main products that Hungary exported to South Korea were Cars ($156M), Motor vehicles; parts and accessories (8701 to 8705) ($41.9M), and Computers ($40.5M). Over the past 5 years the exports of Hungary to South Korea have increased at an annualized rate of 1.48%,  from $579M in 2017 to $744M in 2022.

In 2020, Hungary exported services to South Korea worth $155M, with Travel ($84.9M), Royalties and license fees ($42.9M), and Other business services ($12.9M) 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, Hungary ranked 14 in the Economic Complexity Index (ECI 1.38), and 35 in total exports ($145B).

Latest Trends

September, 2024

About

Overview In September 2024, South Korea exported $355M and imported $57.9M from Hungary, resulting in a positive trade balance of $297M. Between September 2023 and September 2024 the exports of South Korea have decreased by $-147M (-29.3%) from $502M to $355M, while imports decreased by $-1.84M (-3.07%) from $59.8M to $57.9M.

Trade In September 2024, the top exports of South Korea to Hungary were Inorganic chemicals ($319M), Machinery, mechanical appliances, & parts ($170M), Electrical machinery and electronics ($71.5M), Pharmaceutical products ($35.5M), and Plastics & articles thereof ($35.1M). In September 2024 the top imports of South Korea from Hungary were Cars, tractors, trucks & parts thereof. ($20.9M), Electrical machinery and electronics ($17.4M), Machinery, mechanical appliances, & parts ($7.81M), Inorganic chemicals ($3.07M), and Optical, photo, & film equipment; medical... ($2.89M).

Growth In September 2024, the decrease in South Korea's year-by-year exports to Hungary was explained primarily by an decrease in product exports in Electrical machinery and electronics ($-25M or -25.9%), Plastics & articles thereof ($-10.6M or -23.3%), and Chemical products n.e.s. ($-3.42M or -40.4%). In September 2024, the decrease in South Korea's year-by-year imports  from Hungary was explained primarily by an decrease in product imports  in Ceramic products ($-2.02M or -96.4%), Optical, photo, & film equipment; medical... ($-1.87M or -39.3%), and Machinery, mechanical appliances, & parts ($-1.39M or -15.1%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (September 2023 - September 2024)$-147M(-29.3%)
IMPORT GROWTH (September 2023 - September 2024)$-1.84M(-3.07%)

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

For full datasets download visit Bulk Download page.

Explore Hungary and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $5.02B to Hungary. The main products exported from South Korea to Hungary were Industrial Fatty Acids, Oils and Alcohols ($773M), Machinery Having Individual Functions ($755M), and Electric Batteries ($369M). During the last 5 years the exports of South Korea to Hungary have increased at an annualized rate of 30.5%, from $1.33B in 2017 to $5.02B in 2022.

In 2017, Hungary exported $744M to South Korea. The main products exported from Hungary to South Korea were Cars ($156M), Motor vehicles; parts and accessories (8701 to 8705) ($41.9M), and Computers ($40.5M). During the last 5 years the exports of Hungary to South Korea have increased at an annualized rate of 1.48%, from $579M in 2022 to $744M in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Hungary
Top DestinationGermany$35.5B

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

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

In 2022, countries that imported more from Hungary than South Korea included Germany ($35.5B), Romania ($7.94B), and Austria ($6.32B).

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

Comparative Advantage South Korea - Hungary

Flow
Scale

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

During 2022, South Korea had a large net trade with Hungary in the exports of Machines ($2.28B), Chemical Products ($1.38B), and Plastics and Rubbers ($522M).

During 2017, Hungary had a large net trade with South Korea in the exports of Machines ($275M), Transportation ($200M), and Chemical Products ($102M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Hungary+$90.8MCars
Top Product Potential Hungary South Korea+$105MCars

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 2020, Hungary exported services to South Korea worth $155M, with Travel ($84.9M), Royalties and license fees ($42.9M), and Other business services ($12.9M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Hungary (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 Hungary. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Hungary. Similarly, a dot/product with the flag of Hungary indicates it has a comparative advantage over South Korea.

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

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