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2022
Flag → Flag
Exports $5.15BRnk 54 / 220
2022
Flag → Flag
Top Product $365MPassenger and Cargo Ships
2022
Flag → Flag
Exports $1.08BRnk 17 / 209
2022
Flag → Flag
Top Product $319MCrude Petroleum
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 0.54Rnk 43 / 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$579BCURRENT US$
Rnk 24 / 186
2012-2022
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GDP GROWTH13%CURRENT US$
Rnk 141 / 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$106,149CURRENT US$
Rnk 3 / 186
2012-2022
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GDP PC GROWTH3.89%CURRENT US$
Rnk 131 / 186

About

South Korea-Norway Trade: In 2022, South Korea exported $5.15B to Norway. The main products that South Korea exported to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). Over the past 5 years the exports of South Korea to Norway have increased at an annualized rate of 55%, from $576M in 2017 to $5.15B in 2022.

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Norway-South Korea Trade: In 2022, Norway exported $1.08B to South Korea. The main products that Norway exported to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). Over the past 5 years the exports of Norway to South Korea have increased at an annualized rate of 36.9%,  from $224M in 2017 to $1.08B in 2022.

In 2022, Norway 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, Norway ranked 43 in the Economic Complexity Index (ECI 0.54), and 28 in total exports ($285B).

Latest Trends

May, 2024

About

Overview In May 2024, South Korea exported $48.9M and imported $120M from Norway, resulting in a negative trade balance of $70.7M. Between May 2023 and May 2024 the exports of South Korea have increased by $25.3M (107%) from $23.6M to $48.9M, while imports increased by $6.4M (5.65%) from $113M to $120M.

Trade In May 2024, the top exports of South Korea to Norway were Ships, boats, & floating structures ($41.8M), Cars, tractors, trucks & parts thereof. ($37.3M), Machinery, mechanical appliances, & parts ($3.09M), Electrical machinery and electronics ($1.24M), and Perfumery & cosmetics ($1.03M). In May 2024 the top imports of South Korea from Norway were Fish, crustaceans, & molluscs ($59.4M), Precious stones, metals, & pearls ($27.7M), Nickel articles ($15.7M), Machinery, mechanical appliances, & parts ($8.22M), and Optical, photo, & film equipment; medical... ($6.65M).

Growth In May 2024, the increase in South Korea's year-by-year exports to Norway was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($16.6M or 80.2%), Machinery, mechanical appliances, & parts ($1.84M or 148%), and Perfumery & cosmetics ($613k or 146%). In May 2024, the increase in South Korea's year-by-year imports  from Norway was explained primarily by an increase in product imports  in Precious stones, metals, & pearls ($22.2M or 408%), Optical, photo, & film equipment; medical... ($2.19M or 49.3%), and Chemical products n.e.s. ($468k or 61.1%).

Latest Trade

Flow
Time Scale
Depth
Value
EXPORT GROWTH (May 2023 - May 2024)$25.3M(107%)
IMPORT GROWTH (May 2023 - May 2024)$6.4M(5.65%)

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

For full datasets download visit Bulk Download page.

Explore Norway and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $5.15B to Norway. The main products exported from South Korea to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). During the last 5 years the exports of South Korea to Norway have increased at an annualized rate of 55%, from $576M in 2017 to $5.15B in 2022.

In 2017, Norway exported $1.08B to South Korea. The main products exported from Norway to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). During the last 22 years the exports of Norway to South Korea have increased at an annualized rate of 36.9%, from $224M in 1995 to $1.08B in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Norway
Top DestinationGermany$78.1B

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

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

In 2022, countries that imported more from Norway than South Korea included Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

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

Comparative Advantage South Korea - Norway

Flow
Scale

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

During 2022, South Korea had a large net trade with Norway in the exports of Transportation ($736M), Machines ($147M), and Plastics and Rubbers ($125M).

During 2017, Norway had a large net trade with South Korea in the exports of Animal Products ($481M), Mineral Products ($415M), and Precious Metals ($215M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Norway+$104MCars
Top Product Potential Norway South Korea+$329MCrude 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 Norway. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Norway. Similarly, a dot/product with the flag of Norway indicates it has a comparative advantage over South Korea.

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

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