South Korea (KOR) and Saudi Arabia (SAU) Trade | OEC - The Observatory of Economic Complexity

About

South Korea-Saudi Arabia In 2020, South Korea exported $4.12B to Saudi Arabia. The main products that South Korea exported to Saudi Arabia are Cars ($1.7B), Hot-Rolled Iron ($145M), and Rubber Tires ($134M). During the last 25 years the exports of South Korea to Saudi Arabia have increased at an annualized rate of 4.76%, from $1.29B in 1995 to $4.12B in 2020.

In 2005, South Korea exported services to Saudi Arabia worth $681M, with Services not allocated ($541M), Transportation ($121M), and Other business services ($14.5M) being the largest in terms of value.

Saudi Arabia-South Korea In 2020, Saudi Arabia exported $14.4B to South Korea . The main products that Saudi Arabia exported to South Korea were Crude Petroleum ($12.8B), Refined Petroleum ($524M), and Acyclic Alcohols ($211M). During the last 25 years the exports of Saudi Arabia to South Korea have increased at an annualized rate of 4.56%, from $4.72B in 1995 to $14.4B in 2020.

In 2020, Saudi Arabia did not export any services to South Korea.

Comparison In 2020, South Korea ranked 5 in the Economic Complexity Index (ECI 1.88), and 5 in total exports ($531B). That same year, Saudi Arabia ranked 32 in the Economic Complexity Index (ECI 0.86), and 30 in total exports ($167B).

Latest Trends

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February, 2022

About

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Overview In February 2022 South Korea exported $303M and imported $2.61B from Saudi Arabia, resulting in a negative trade balance of $2.3B. Between February 2021 and February 2022 the exports of South Korea have increased by $64M (26.8%) from $239M to $303M, while imports increased by $1.04B (66%) from $1.57B to $2.61B.

Trade In February 2022, the top exports of South Korea to Saudi Arabia were Vehicles and their parts ($84.7M), Machinery and appliances ($46.4M), Iron and steel ($32M), Arms and ammunition ($30.7M), and Electrical machinery and equipment ($15.4M). In February 2022 the top imports of South Korea from Saudi Arabia were Mineral fuels, mineral oils and products... ($2.49B), Inorganic chemicals; organic and inorganic compounds... ($37.6M), Organic chemicals ($27.1M), Copper and articles thereof ($26.5M), and Aluminium and articles thereof ($15.1M).

Growth In February 2022, the increase in South Korea's year-by-year exports to Saudi Arabia was explained primarily by an increase in product exports in Electrical machinery and equipment ($12.1M or 66.4%), Arms and ammunition ($12M or 1.36k%), and Plastics and articles thereof ($3.01M or 23.4%). In February 2022, the increase in South Korea's year-by-year imports from Saudi Arabia was explained primarily by an increase in product imports in Organic chemicals ($16.9M or 104%), Inorganic chemicals; organic and inorganic compounds... ($8.69M or 134%), and Aluminium and articles thereof ($6.07M or 111%).

Latest Trade

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Time Scale

Flow

Depth

Value

EXPORT GROWTH (February 2021 - February 2022): $64M, (26.8%)

IMPORT GROWTH (February 2021 - February 2022): $1.04B, (66%)

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 Saudi Arabia 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

Compare to

Year

In 2020, South Korea exported $4.12B to Saudi Arabia. The main products exported from South Korea to Saudi Arabia were Cars ($1.7B), Hot-Rolled Iron ($145M), and Rubber Tires ($134M). During the last 25 years the exports of South Korea to Saudi Arabia have increased at an annualized rate of 4.76%, from $1.29B in 1995 to $4.12B in 2020.

In 2020, Saudi Arabia exported $14.4B to South Korea. The main products exported from Saudi Arabia to South Korea were Crude Petroleum ($12.8B), Refined Petroleum ($524M), and Acyclic Alcohols ($211M). During the last 25 years the exports of Saudi Arabia to South Korea have increased at an annualized rate of 4.56%, from $4.72B in 1995 to $14.4B in 2020.

Market Competitiveness

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Measure

SectionYear

South Korea
Top Destination: China, $131B

Saudi Arabia
Top Destination: China, $33.4B

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

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

In 2019, countries that imported more from Saudi Arabia than South Korea were United Arab Emirates ($9.21B), India ($16.8B), and Egypt ($3.59B).

Comparative Advantage South Korea - Saudi Arabia

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Flow

Year

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

During 2020, South Korea had a large net trade with Saudi Arabia in the exports of Transportation ($1.85B), Machines ($809M), and Metals ($525M).

During 2020, Saudi Arabia had a large net trade with South Korea in the exports of Mineral Products ($13.3B), Chemical Products ($551M), and Metals ($216M).

Tariff Section

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Tariffs

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This section shows import tariffs for products traded between South Korea and Saudi Arabia (using the HS6 product classification and the last year reported).

In 2018, the products from South Korea that paid the highest import tariffs to enter Saudi Arabia were Cereals: fonio (Digitaria spp.) (800%)and Cereals: quinoa (Chenopodium quinoa) (800%).

In 2017, the products from Saudi Arabia that paid the highest import tariffs to enter South Korea were Tobacco refuse (1.37k%)and Homogenized or reconstituted tobacco (585%).

*The tariffs present between South Korea and Saudi Arabia are:
136: Most Favoured Nation duty rate treatement

Service Trade

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Bilateral Service Trade

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In 2005, South Korea exported services to Saudi Arabia worth $681M, with Services not allocated ($541M), Transportation ($121M), and Other business services ($14.5M) 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 red. This mean that the more blue a dot/product is, the more South Korea has comparative advantage over Saudi Arabia. Similarly, the more red a dot/product is, the more Saudi Arabia has comparative advantage over South Korea.

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage South Korea - Saudi Arabia

Tariff Section

Tariffs

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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