South Korea (KOR) and New Zealand (NZL) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and New Zealand (NZL) Trade

2022

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Exports $3.45BRnk 33 / 220

2022

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About

South Korea-New Zealand In 2022, South Korea exported $3.45B to New Zealand. The main products that South Korea exported to New Zealand are Refined Petroleum ($2.11B), Cars ($421M), and Coated Flat-Rolled Iron ($87.7M). During the last 27 years the exports of South Korea to New Zealand have increased at an annualized rate of 10.3%, from $242M in 1995 to $3.45B in 2022.

In 2005, South Korea exported services to New Zealand worth $108M, with Transportation ($57.1M), Travel ($26.3M), and Other business services ($17.4M) being the largest in terms of value.

New Zealand-South Korea In 2022, New Zealand exported $1.69B to South Korea. The main products that New Zealand exported to South Korea were Rough Wood ($216M), Raw Aluminium ($213M), and Other Fruits ($145M). During the last 27 years the exports of New Zealand to South Korea have increased at an annualized rate of 2.91%, from $778M in 1995 to $1.69B in 2022.

In 2018, New Zealand exported services to South Korea worth $1.56B, with Travel ($1.44B), Transportation ($74.6M), and Government services, n.i.e. ($16.6M) being the largest in terms of value.

Comparison In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B). That same year, New Zealand ranked 44 in the Economic Complexity Index (ECI 0.46), and 64 in total exports ($46.5B).

Latest Trends

February, 2024

About

Overview In February 2024, South Korea exported $302M and imported $138M from New Zealand, resulting in a positive trade balance of $164M. Between February 2023 and February 2024 the exports of South Korea have increased by $149M (97.8%) from $153M to $302M, while imports increased by $6.95M (5.32%) from $131M to $138M.

Trade In February 2024, the top exports of South Korea to New Zealand were Mineral fuels, mineral oils and products... ($98.4M), Cars, tractors, trucks & parts thereof. ($36.4M), Machinery, mechanical appliances, & parts ($9.67M), Iron & steel ($8.27M), and Plastics & articles thereof ($3.92M). In February 2024 the top imports of South Korea from New Zealand were Edible products of animal origin, n.e.s. ($26.4M), Meat & edible offal ($22.4M), Mineral fuels, mineral oils and products... ($17.9M), Aluminum articles ($17.9M), and Wood, wood articles, & charcoal ($17M).

Growth In February 2024, the increase in South Korea's year-by-year exports to New Zealand was explained primarily by an increase in product exports in Mineral fuels, mineral oils and products... ($52.8M or 116%), Cars, tractors, trucks & parts thereof. ($11.9M or 48.4%), and Iron & steel ($4.32M or 110%). In February 2024, the increase in South Korea's year-by-year imports from New Zealand was explained primarily by an increase in product imports in Edible products of animal origin, n.e.s. ($12.6M or 91.8%), Miscellaneous edible preparations ($4.3M or 52%), and Meat & edible offal ($3.73M or 20%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$149M(97.8%)

IMPORT GROWTH (February 2023 - February 2024)$6.95M(5.32%)

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 New Zealand and South Korea trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $3.45B to New Zealand. The main products exported from South Korea to New Zealand were Refined Petroleum ($2.11B), Cars ($421M), and Coated Flat-Rolled Iron ($87.7M). During the last 27 years the exports of South Korea to New Zealand have increased at an annualized rate of 10.3%, from $242M in 1995 to $3.45B in 2022.

In 2022, New Zealand exported $1.69B to South Korea. The main products exported from New Zealand to South Korea were Rough Wood ($216M), Raw Aluminium ($213M), and Other Fruits ($145M). During the last 27 years the exports of New Zealand to South Korea have increased at an annualized rate of 2.91%, from $778M in 1995 to $1.69B in 2022.

Exports from South Korea () to New Zealand () (2022)

Exports from New Zealand () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

New Zealand
Top DestinationChina$13.1B

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

In 2021, countries that imported more from South Korea than New Zealand were China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2021, countries that imported more from New Zealand than South Korea were Algeria ($517M), Fiji ($380M), and Cook Islands ($85.2M).

Difference in imports from New Zealand () and South Korea () (2022)

Comparative Advantage South Korea - New Zealand

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with New Zealand in the exports of Mineral Products ($2.12B), Transportation ($451M), and Metals ($282M).

During 2022, New Zealand had a large net trade with South Korea in the exports of Animal Products ($447M), Metals ($272M), and Wood Products ($253M).

Service Trade

Bilateral Service Trade

Nzl Year

In 2005, South Korea exported services to New Zealand worth $108M, with Transportation ($57.1M), Travel ($26.3M), and Other business services ($17.4M) being the largest in terms of value.

In 2018, New Zealand exported services to South Korea worth $1.56B, with Travel ($1.44B), Transportation ($74.6M), and Government services, n.i.e. ($16.6M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to New Zealand () (2005)

Services Exports from New Zealand () to South Korea () (2018)

Economic Complexity

Competitive Landscape

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 New Zealand. Similarly, the more yellow a dot/product is, the more New Zealand has comparative advantage over South Korea.

Product Space of South Korea () and New Zealand () (2022)

Keep Exploring

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