Nigeria (NGA) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Nigeria-South Korea Trade: In 2023, Nigeria exported $717M to South Korea. The main products that Nigeria exported to South Korea were Petroleum Gas ($583M), Crude Petroleum ($66.9M), and Refined Copper ($21.6M). Over the past 5 years the exports of Nigeria to South Korea have decreased at an annualized rate of 7.55%, from $1.06B in 2018 to $717M in 2023.

In 2023, Nigeria did not export any services to South Korea.

South Korea-Nigeria Trade: In 2023, South Korea exported $1.7B to Nigeria. The main products that South Korea exported to Nigeria were Refined Petroleum ($1.11B), Ethylene Polymers ($104M), and Propylene Polymers ($71.8M). Over the past 5 years the exports of South Korea to Nigeria have decreased at an annualized rate of 18.6%, from $4.76B in 2018 to $1.7B in 2023.

In 2023, South Korea did not export any services to Nigeria.

Comparison: In 2023, Nigeria ranked 129 in the Economic Complexity Index (ECI -1.75), and 52 in total exports ($61B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Nigeria exported $717M to South Korea. The main products exported from Nigeria to South Korea were Petroleum Gas ($583M), Crude Petroleum ($66.9M), and Refined Copper ($21.6M). During the last 5 years the exports of Nigeria to South Korea have decreased at an annualized rate of 7.55%, from $1.06B in 2018 to $717M in 2023.

In 2018, South Korea exported $1.7B to Nigeria. The main products exported from South Korea to Nigeria were Refined Petroleum ($1.11B), Ethylene Polymers ($104M), and Propylene Polymers ($71.8M). During the last 5 years the exports of South Korea to Nigeria have decreased at an annualized rate of 18.6%, from $4.76B in 2023 to $1.7B in 2018.

Exports from Nigeria () to South Korea () (2023)

Exports from South Korea () to Nigeria () (2023)

Latest Data

Trade between Nigeria () and South Korea ()

Nigeria Exports

Date

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Nigeria
Top DestinationUnited States$6.29B

South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from Nigeria than South Korea included Cote d'Ivoire ($2.4B), Spain ($5.76B), and South Africa ($2.37B).

In 2023, countries that imported more from South Korea than Nigeria included China ($162B), United States ($118B), and Hong Kong ($28.8B).

Difference in imports from South Korea () and Nigeria () (2023)

Comparative Advantage Nigeria - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Nigeria had a large net trade with South Korea in the exports of Mineral Products ($650M), Metals ($50.8M), and Vegetable Products ($16.8M).

During 2018, South Korea had a large net trade with Nigeria in the exports of Mineral Products ($1.11B), Plastics and Rubbers ($242M), and Metals ($94M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Nigeria South Korea+$1.07BCrude Petroleum

Top Product Potential South Korea Nigeria+$246MRefined 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

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Nigeria () to South Korea () (2023)

Exports from South Korea () to Nigeria () (2023)

Latest Data

Trade between Nigeria () and South Korea ()

Nigeria Exports

South Korea Exports

Market Competitiveness

Difference in imports from South Korea () and Nigeria () (2023)

Comparative Advantage Nigeria - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Nigeria () and South Korea () (2023)

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