South Korea (KOR) and Iraq (IRQ) Trade | OEC - The Observatory of Economic Complexity

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South Korea-Iraq In 2021, South Korea exported $986M to Iraq. The main products that South Korea exported to Iraq are Delivery Trucks ($212M), Cars ($175M), and Motor vehicles; parts and accessories (8701 to 8705) ($81.3M). During the last 26 years the exports of South Korea to Iraq have increased at an annualized rate of 45.8%, from $54.4k in 1995 to $986M in 2021.

In 2021, South Korea did not export any services to Iraq.

Iraq-South Korea In 2021, Iraq exported $4.67B to South Korea. The main products that Iraq exported to South Korea were Crude Petroleum ($3.5B), Refined Petroleum ($1.18B), and Scrap Aluminium ($2.44M). During the last 26 years the exports of Iraq to South Korea have increased at an annualized rate of 18.5%, from $56.3M in 1995 to $4.67B in 2021.

In 2021, Iraq did not export any services to South Korea.

Comparison In 2021, South Korea ranked 4 in the Economic Complexity Index (ECI 1.82), and 5 in total exports ($653B). That same year, Iraq ranked 112 in the Economic Complexity Index (ECI -1.12), and 45 in total exports ($81.1B).

Latest Trends

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April, 2023

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Overview In April 2023, South Korea exported $112M and imported $484M from Iraq, resulting in a negative trade balance of $372M. Between April 2022 and April 2023 the exports of South Korea have increased by $37.1M (49.6%) from $74.8M to $112M, while imports decreased by $-270M (-35.8%) from $754M to $484M.

Trade In April 2023, the top exports of South Korea to Iraq were Cars, tractors, trucks & parts thereof. ($44.7M), Mineral fuels, mineral oils and products... ($42.8M), Machinery, mechanical appliances, & parts ($8.89M), Electrical machinery and electronics ($4.04M), and Pharmaceutical products ($3.64M). In April 2023 the top imports of South Korea from Iraq were Mineral fuels, mineral oils and products... ($416M), Fish, crustaceans, & molluscs ($0), Edible vegetables, roots, & tubers ($0), Coffee, tea, mate & spices ($0), and Cereals ($0).

Growth In April 2023, the increase in South Korea's year-by-year exports to Iraq was explained primarily by an increase in product exports in Mineral fuels, mineral oils and products... ($42.2M or 8.06k%), Pharmaceutical products ($2.98M or 454%), and Cars, tractors, trucks & parts thereof. ($1.93M or 4.52%). In April 2023, the decrease in South Korea's year-by-year imports from Iraq was explained primarily by an decrease in product imports in Mineral fuels, mineral oils and products... ($-36.2M or -8%) and Electrical machinery and electronics ($-2k or -100%).

Latest Trade

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Flow

Time Scale

Depth

Value

EXPORT GROWTH (April 2022 - April 2023): $37.1M, (49.6%)

IMPORT GROWTH (April 2022 - April 2023): $-270M, (-35.8%)

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 Iraq 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 2021, South Korea exported $986M to Iraq. The main products exported from South Korea to Iraq were Delivery Trucks ($212M), Cars ($175M), and Motor vehicles; parts and accessories (8701 to 8705) ($81.3M). During the last 26 years the exports of South Korea to Iraq have increased at an annualized rate of 45.8%, from $54.4k in 1995 to $986M in 2021.

In 2021, Iraq exported $4.67B to South Korea. The main products exported from Iraq to South Korea were Crude Petroleum ($3.5B), Refined Petroleum ($1.18B), and Scrap Aluminium ($2.44M). During the last 23 years the exports of Iraq to South Korea have increased at an annualized rate of 18.5%, from $56.3M in 1998 to $4.67B in 2021.

Market Competitiveness

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Color

SectionYear

South Korea
Top Destination: China, $158B

Iraq
Top Destination: India, $23.5B

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

In 2021, countries that imported more from South Korea than Iraq were China ($158B), United States ($95.9B), and Vietnam ($56.5B).

In 2021, countries that imported more from Iraq than South Korea were India ($23.5B), Greece ($8.7B), and Serbia ($755M).

Comparative Advantage South Korea - Iraq

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Flow

Scale

Year

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

During 2021, South Korea had a large net trade with Iraq in the exports of Transportation ($531M), Machines ($242M), and Mineral Products ($76.4M).

During 2021, Iraq had a large net trade with South Korea in the exports of Mineral Products ($4.67B), Metals ($2.44M), and Instruments ($125k).

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 yellow. This mean that the more blue a dot/product is, the more South Korea has comparative advantage over Iraq. Similarly, the more yellow a dot/product is, the more Iraq has comparative advantage over South Korea.

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Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage South Korea - Iraq

Economic Complexity

Competitive Landscape

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