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 $1.38BRnk 33 / 220

2022

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About

South Korea-New Zealand Trade: In 2022, South Korea exported $1.38B to New Zealand. The main products that South Korea exported to New Zealand were Refined Petroleum ($2.11B), Cars ($421M), and Coated Flat-Rolled Iron ($87.7M). Over the past 5 years the exports of South Korea to New Zealand have increased at an annualized rate of 41.6%, from $242M in 2017 to $1.38B 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 Trade: In 2022, New Zealand exported $1.13B to South Korea. The main products that New Zealand exported to South Korea were Rough Wood ($216M), Raw Aluminium ($213M), and Other Fruits ($145M). Over the past 5 years the exports of New Zealand to South Korea have increased at an annualized rate of 7.83%, from $778M in 2017 to $1.13B 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 1.78), and 5 in total exports ($705B). That same year, New Zealand ranked 45 in the Economic Complexity Index (ECI 0.46), and 64 in total exports ($46.5B).

Latest Trends

May, 2024

About

Overview In May 2024, South Korea exported $273M and imported $145M from New Zealand, resulting in a positive trade balance of $128M. Between May 2023 and May 2024 the exports of South Korea have decreased by $-5.71M (-2.05%) from $278M to $273M, while imports decreased by $-7.24M (-4.76%) from $152M to $145M.

Trade In May 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 May 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 May 2024, the decrease in South Korea's year-by-year exports to New Zealand was explained primarily by an decrease in product exports in Chemical products n.e.s. ($-3.82M or -80.8%), Electrical machinery and electronics ($-3.47M or -59.1%), and Aluminum articles ($-2.49M or -61.2%). In May 2024, the decrease in South Korea's year-by-year imports from New Zealand was explained primarily by an decrease in product imports in Aluminum articles ($-5.61M or -23.9%), Glues, starches, & albuminoid products ($-2.99M or -35.9%), and Wood, wood articles, & charcoal ($-2.84M or -14.3%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (May 2023 - May 2024)$-5.71M(-2.05%)

IMPORT GROWTH (May 2023 - May 2024)$-7.24M(-4.76%)

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.

For full datasets download visit Bulk Download page.

Explore New Zealand and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $1.38B 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 5 years the exports of South Korea to New Zealand have increased at an annualized rate of 41.6%, from $242M in 2017 to $1.38B in 2022.

In 2017, New Zealand exported $1.13B 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 22 years the exports of New Zealand to South Korea have increased at an annualized rate of 7.83%, from $778M in 1995 to $1.13B in 2017.

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

In 2022, countries that imported more from New Zealand than South Korea included 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 2017, New Zealand had a large net trade with South Korea in the exports of Animal Products ($447M), Metals ($272M), and Wood Products ($253M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential South Korea New Zealand+$22.7MCars

Top Product Potential New Zealand South Korea+$21.3MCrude 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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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)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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

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