NEW: World Trade TARIFFS Simulator!
NEW: 2023 Data and Complexity Rankings
Sign In
Pricing

2023
Flag → Flag
Exports $484MRnk 61 / 142
2023
Flag → Flag
Top Product $180MCars
2023
Flag → Flag
Exports $14.1MRnk 61 / 159
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag
Economic Complexity (ECI) ECI 0.21Rnk 53 / 132
2023
Flag  
GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
Flag
GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
 GDP$164BCURRENT US$
Rnk 58 / 195
2013-2023
Flag
GDP GROWTH-6.01%CURRENT US$
Rnk 178 / 195
2023
Flag
GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
Flag
GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
Flag
GDP PC$33,730CURRENT US$
Rnk 39 / 196
2013-2023
Flag
GDP PC GROWTH-32.1%CURRENT US$
Rnk 187 / 195

About

South Korea-Kuwait Trade: In 2023, South Korea exported $484M to Kuwait. The main products that South Korea exported to Kuwait were Cars ($180M), Beauty Products ($26.1M), and Electrical Transformers ($25.4M). Over the past 5 years the exports of South Korea to Kuwait have decreased at an annualized rate of 18.7%, from $1.37B in 2018 to $484M in 2023.

In 2005, South Korea exported services to Kuwait worth $1.03B, with Services not allocated ($995M), Transportation ($29.8M), and Other business services ($6.7M) being the largest in terms of value.

Kuwait-South Korea Trade: In 2023, Kuwait exported $14.1M to South Korea. The main products that Kuwait exported to South Korea were N/A. Over the past 5 years the exports of Kuwait to South Korea have decreased at an annualized rate of 74.4%,  from $12.8B in 2018 to $14.1M in 2023.

In 2023, Kuwait did not export any services to South Korea.

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Kuwait ranked 53 in the Economic Complexity Index (ECI 0.21), and 47 in total exports ($71B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $45.6M and imported $600M from Kuwait, resulting in a negative trade balance of $555M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-64.4M (-58.6%) from $110M to $45.6M, while imports decreased by $-60.1M (-9.1%) from $660M to $600M.

Trade In December 2024, the top exports of South Korea to Kuwait were Cars, tractors, trucks & parts thereof. ($10.4M), Iron/Steel Articles ($2.24M), Machinery, mechanical appliances, & parts ($1.9M), Plastics & articles thereof ($1.83M), and Iron & steel ($1.79M). In December 2024 the top imports of South Korea from Kuwait were Mineral fuels, mineral oils and products... ($775M), Organic chemicals ($5.27M), Chemical products n.e.s. ($1.61M), Lead articles ($220k), and Ores, slag and ash ($144k).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Kuwait was explained primarily by an decrease in product exports in Electrical machinery and electronics ($-13.4M or -93%), Machinery, mechanical appliances, & parts ($-3.75M or -66.3%), and Cars, tractors, trucks & parts thereof. ($-3.59M or -25.7%). In December 2024, the decrease in South Korea's year-by-year imports  from Kuwait was explained primarily by an decrease in product imports  in Chemical products n.e.s. ($-798k or -33.1%), Copper articles ($-423k or -77.5%), and Aluminum articles ($-35k or -100%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-64.4M(-58.6%)
IMPORT GROWTH (December 2023 - December 2024)$-60.1M(-9.1%)

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

For full datasets download visit Bulk Download page.

Explore Kuwait and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $484M to Kuwait. The main products exported from South Korea to Kuwait were Cars ($180M), Beauty Products ($26.1M), and Electrical Transformers ($25.4M). During the last 5 years the exports of South Korea to Kuwait have decreased at an annualized rate of 18.7%, from $1.37B in 2018 to $484M in 2023.

In 2018, Kuwait exported $14.1M to South Korea. There were not main exports from Kuwait to South Korea in 2018. During the last 5 years the exports of Kuwait to South Korea have decreased at an annualized rate of 74.4%, from $12.8B in 2023 to $14.1M in 2018.

Exports from South Korea (Flag) to Kuwait (Flag) (2023)

Exports from Kuwait (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Kuwait
Top DestinationChina$17.4B

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

In 2023, countries that imported more from South Korea than Kuwait included China ($162B), United States ($118B), and Hong Kong ($28.8B).

In 2023, countries that imported more from Kuwait than South Korea included Oman ($1.74B), Pakistan ($2.13B), and Egypt ($2.78B).

Difference in imports from Kuwait (Flag) and South Korea (Flag) (2023)

Comparative Advantage South Korea - Kuwait

Flow
Scale

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

During 2023, South Korea had a large net trade with Kuwait in the exports of Transportation ($206M), Machines ($99.3M), and Plastics and Rubbers ($41.2M).

During 2018, Kuwait had a large net trade with South Korea in the exports of Chemical Products ($8.58M), Metals ($4.4M), and Mineral Products ($424k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Kuwait+$69.3MCars
Top Product Potential Kuwait South Korea+$337MRefined Petroleum

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Economic Complexity

Competitive Landscape

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

Product Space of South Korea (Flag) and Kuwait (Flag) (2023)

Keep Exploring

Have questions, comments, or concerns?
Send us an e-mail: support@oec.world
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with
About the OECPrivacy PolicyTerms