South Korea (KOR) and Russia (RUS) Trade | OEC - The Observatory of Economic Complexity

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South Korea-Russia In 2020, South Korea exported $7.93B to Russia. The main products that South Korea exported to Russia are Cars ($1.49B), Motor vehicles; parts and accessories (8701 to 8705) ($1.1B), and Passenger and Cargo Ships ($674M). During the last 25 years the exports of South Korea to Russia have increased at an annualized rate of 7.14%, from $1.42B in 1995 to $7.93B in 2020.

In 2005, South Korea exported services to Russia worth $465M, with Transportation ($297M), Travel ($86.9M), and Other business services ($45.1M) being the largest in terms of value.

Russia-South Korea In 2020, Russia exported $12.5B to South Korea. The main products that Russia exported to South Korea were Crude Petroleum ($5.03B), Refined Petroleum ($1.65B), and Coal Briquettes ($1.6B). During the last 25 years the exports of Russia to South Korea have increased at an annualized rate of 8.25%, from $1.73B in 1995 to $12.5B in 2020.

In 2020, Russia exported services to South Korea worth $506M, with Transportation ($316M), Other business services ($82.6M), and Computer and information services ($41.1M) being the largest in terms of value.

Comparison In 2020, South Korea ranked 5 in the Economic Complexity Index (ECI 1.88), and 5 in total exports ($531B). That same year, Russia ranked 43 in the Economic Complexity Index (ECI 0.5), and 13 in total exports ($330B).

Latest Trends

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January, 2023

About

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Overview In January 2023, South Korea exported $476M and imported $792M from Russia, resulting in a negative trade balance of $315M. Between January 2022 and January 2023 the exports of South Korea have decreased by $-337M (-41.4%) from $814M to $476M, while imports decreased by $-1.22B (-60.6%) from $2.01B to $792M.

Trade In January 2023, the top exports of South Korea to Russia were Cars, tractors, trucks & parts thereof. ($325M), Machinery, mechanical appliances, & parts ($132M), Plastics & articles thereof ($77.5M), Electrical machinery and electronics ($59.5M), and Iron & steel ($32.7M). In January 2023 the top imports of South Korea from Russia were Mineral fuels, mineral oils and products... ($1.67B), Fish, crustaceans, & molluscs ($109M), Iron & steel ($67.5M), Aluminum articles ($65.4M), and Wood, wood articles, & charcoal ($18M).

Growth In January 2023, the decrease in South Korea's year-by-year exports to Russia was explained primarily by an decrease in product exports in Aircraft and spacecraft ($-35.6M or -100%), Furniture, bedding, lamps, & prefab buildings ($-9.03M or -98.4%), and Soap, cleaners, candles, dental, modelling pastes ($-940k or -45%). In January 2023, the decrease in South Korea's year-by-year imports from Russia was explained primarily by an decrease in product imports in Precious stones, metals, & pearls ($-35.5M or -100%), Cereals ($-22.3M or -83.8%), and Ships, boats, & floating structures ($-1.94M or -97%).

Latest Trade

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Flow

Time Scale

Depth

Value

EXPORT GROWTH (January 2022 - January 2023): $-337M, (-41.4%)

IMPORT GROWTH (January 2022 - January 2023): $-1.22B, (-60.6%)

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

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Historical Data

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Bilateral Trade by Products

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Depth

Value

Year

In 2020, South Korea exported $7.93B to Russia. The main products exported from South Korea to Russia were Cars ($1.49B), Motor vehicles; parts and accessories (8701 to 8705) ($1.1B), and Passenger and Cargo Ships ($674M). During the last 25 years the exports of South Korea to Russia have increased at an annualized rate of 7.14%, from $1.42B in 1995 to $7.93B in 2020.

In 2020, Russia exported $12.5B to South Korea. The main products exported from Russia to South Korea were Crude Petroleum ($5.03B), Refined Petroleum ($1.65B), and Coal Briquettes ($1.6B). During the last 25 years the exports of Russia to South Korea have increased at an annualized rate of 8.25%, from $1.73B in 1995 to $12.5B in 2020.

Market Competitiveness

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Measure

SectionYear

South Korea
Top Destination: China, $131B

Russia
Top Destination: China, $49.3B

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

In 2019, countries that imported more from South Korea than Russia were China ($131B), United States ($75B), and Vietnam ($48B).

In 2019, countries that imported more from Russia than South Korea were United Kingdom ($25.3B), Netherlands ($22.5B), and Belarus ($15.8B).

Comparative Advantage South Korea - Russia

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Flow

Scale

Year

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

During 2020, South Korea had a large net trade with Russia in the exports of Transportation ($3.47B), Machines ($1.95B), and Plastics and Rubbers ($585M).

During 2020, Russia had a large net trade with South Korea in the exports of Mineral Products ($9.22B), Animal Products ($1.28B), and Metals ($652M).

Service Trade

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Bilateral Service Trade

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Rus Year

In 2005, South Korea exported services to Russia worth $465M, with Transportation ($297M), Travel ($86.9M), and Other business services ($45.1M) being the largest in terms of value.

In 2020, Russia exported services to South Korea worth $506M, with Transportation ($316M), Other business services ($82.6M), and Computer and information services ($41.1M) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage South Korea - Russia

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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