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
$185BCURRENT US$
Rnk 56 / 186
2012-2022
Flag
GDP GROWTH
6.04%CURRENT US$
Rnk 152 / 186
2022
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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
$43,233CURRENT US$
Rnk 24 / 186
2012-2022
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GDP PC GROWTH
-15.7%CURRENT US$
Rnk 166 / 186

About

South Korea-Kuwait Trade: In 2022, South Korea exported $554M to Kuwait. The main products that South Korea exported to Kuwait were Cars ($127M), High-voltage Protection Equipment ($29.7M), and Electrical Transformers ($29.3M). Over the past 5 years the exports of South Korea to Kuwait have decreased at an annualized rate of 14.4%, from $1.21B in 2017 to $554M in 2022.

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 In N/A, Kuwait did not export any products to South Korea.

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

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Kuwait ranked 46 in the Economic Complexity Index (ECI 0.44), and 42 in total exports ($101B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $554M to Kuwait. The main products exported from South Korea to Kuwait were Cars ($127M), High-voltage Protection Equipment ($29.7M), and Electrical Transformers ($29.3M). During the last 5 years the exports of South Korea to Kuwait have decreased at an annualized rate of 14.4%, from $1.21B in 2017 to $554M in 2022.

Kuwait does not register exports to South Korea. The main products exported from Kuwait to South Korea were Crude Petroleum ($9.26B), Refined Petroleum ($1.4B), and Passenger and Cargo Ships ($43.7M).

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

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

Market Competitiveness

Color
South Korea
Top Destination
China$150B
Kuwait
Top Destination
China$24.3B

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

In 2022, countries that imported more from Kuwait than South Korea included Pakistan ($3.97B), Egypt ($2.84B), and Ethiopia ($316M).

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

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 2022, South Korea had a large net trade with Kuwait in the exports of Transportation ($159M), Machines ($156M), and Plastics and Rubbers ($62.4M).

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.

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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 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) (2022)

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