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2022
Flag → Flag
Exports $1.21BRnk 66 / 220
2022
Flag → Flag
Top Product $127MCars
2022
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Exports $8.56BRnk 3 / 156
2022
Flag → Flag
Top Product $9.26BCrude Petroleum
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 0.44Rnk 46 / 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$185BCURRENT US$
Rnk 56 / 186
2012-2022
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GDP GROWTH6.04%CURRENT US$
Rnk 152 / 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$43,233CURRENT US$
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 $1.21B 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 increased at an annualized rate of 53.3%, from $143M in 2017 to $1.21B 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 Trade: In 2022, Kuwait exported $8.56B to South Korea. The main products that Kuwait exported to South Korea were Crude Petroleum ($9.26B), Refined Petroleum ($1.4B), and Passenger and Cargo Ships ($43.7M). Over the past 5 years the exports of Kuwait to South Korea have increased at an annualized rate of 55.6%,  from $938M in 2017 to $8.56B in 2022.

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).

Latest Trends

May, 2024

About

Overview In May 2024, South Korea exported $36.1M and imported $759M from Kuwait, resulting in a negative trade balance of $723M. Between May 2023 and May 2024 the exports of South Korea have increased by $8.66M (31.6%) from $27.4M to $36.1M, while imports decreased by $-70.5M (-8.5%) from $829M to $759M.

Trade In May 2024, the top exports of South Korea to Kuwait were Electrical machinery and electronics ($14.4M), Cars, tractors, trucks & parts thereof. ($14M), Machinery, mechanical appliances, & parts ($5.65M), Aluminum articles ($2.79M), and Plastics & articles thereof ($2.59M). In May 2024 the top imports of South Korea from Kuwait were Mineral fuels, mineral oils and products... ($673M), Organic chemicals ($3.13M), Chemical products n.e.s. ($2.41M), Copper articles ($546k), and Aluminum articles ($35k).

Growth In May 2024, the increase in South Korea's year-by-year exports to Kuwait was explained primarily by an increase in product exports in Electrical machinery and electronics ($13.1M or 1.03k%), Cars, tractors, trucks & parts thereof. ($8.44M or 153%), and Machinery, mechanical appliances, & parts ($841k or 17.5%). In May 2024, the decrease in South Korea's year-by-year imports  from Kuwait was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... ($-293M or -30.3%), Aluminum articles ($-46k or -56.8%), and Electrical machinery and electronics ($-15k or -93.8%).

Latest Trade

Flow
Time Scale
Depth
Value
EXPORT GROWTH (May 2023 - May 2024)$8.66M(31.6%)
IMPORT GROWTH (May 2023 - May 2024)$-70.5M(-8.5%)

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

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $1.21B 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 increased at an annualized rate of 53.3%, from $143M in 2017 to $1.21B in 2022.

In 2017, Kuwait exported $8.56B 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). During the last 22 years the exports of Kuwait to South Korea have increased at an annualized rate of 55.6%, from $938M in 1995 to $8.56B in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Kuwait
Top DestinationChina$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).

During 2017, Kuwait had a large net trade with South Korea in the exports of Mineral Products ($10.7B), Transportation ($44M), and Metals ($10.1M).

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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