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2022
Flag → Flag
Exports $1.72BRnk 17 / 209
2022
Flag → Flag
Top Product $319MCrude Petroleum
2022
Flag → Flag
Exports $1.14BRnk 54 / 220
2022
Flag → Flag
Top Product $365MPassenger and Cargo Ships
2022
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Economic Complexity (ECI) ECI 0.54Rnk 43 / 133
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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GDP$579BCURRENT US$
Rnk 24 / 186
2012-2022
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GDP GROWTH13%CURRENT US$
Rnk 141 / 186
2022
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 GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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GDP PC $106,149CURRENT US$
Rnk 3 / 186
2012-2022
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GDP PC GROWTH3.89%CURRENT US$
Rnk 131 / 186
2022
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GDP PC$32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186

About

Norway-South Korea Trade: In 2022, Norway exported $1.72B to South Korea. The main products that Norway exported to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). Over the past 5 years the exports of Norway to South Korea have increased at an annualized rate of 9.77%, from $1.08B in 2017 to $1.72B in 2022.

In 2022, Norway did not export any services to South Korea.

South Korea-Norway Trade: In 2022, South Korea exported $1.14B to Norway. The main products that South Korea exported to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). Over the past 5 years the exports of South Korea to Norway have decreased at an annualized rate of 26%,  from $5.15B in 2017 to $1.14B in 2022.

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Comparison: In 2022,  Norway ranked 43 in the Economic Complexity Index (ECI 0.54), and 28 in total exports ($285B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Latest Trends

October, 2024

About

Overview In October 2024, Norway exported NOK1.51B and imported NOK677M from South Korea, resulting in a positive trade balance of NOK836M. Between October 2023 and October 2024 the exports of Norway have increased by NOK443M (41.4%) from NOK1.07B to NOK1.51B, while imports increased by NOK31.2M (4.83%) from NOK646M to NOK677M.

Trade In October 2024, the top exports of Norway to South Korea were Non-ferrous metals (NOK491M), Fish (not marine mammals), crustaceans, molluscs... (NOK445M), Professional, scientific and controlling instruments and... (NOK105M), General industrial machinery and equipment, n.e.s.,... (NOK76.2M), and Animal or vegetable fats and oils,... (NOK16M). In October 2024 the top imports of Norway from South Korea were Road vehicles (including air-cushion vehicles) (NOK176M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK77M), Machinery specialized for particular industries (NOK50.5M), Inorganic chemicals (NOK23.8M), and Telecommunications and sound-recording and reproducing apparatus... (NOK20.1M).

Growth In October 2024, the increase in Norway's year-by-year exports to South Korea was explained primarily by an increase in product exports in Non-ferrous metals (NOK378M or 336%), Professional, scientific and controlling instruments and... (NOK55.9M or 113%), and Fish (not marine mammals), crustaceans, molluscs... (NOK41.5M or 10.3%). In October 2024, the increase in Norway's year-by-year imports  from South Korea was explained primarily by an increase in product imports  in Inorganic chemicals (NOK23M or 2.61k%), Organic chemicals (NOK8.8M or 193%), and Manufactures of metals, n.e.s. (NOK8.74M or 99.8%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (October 2023 - October 2024)NOK443M(41.4%)
IMPORT GROWTH (October 2023 - October 2024)NOK31.2M(4.83%)

This section shows exports and imports data at subnational level for Norway. Click any date in the line plot or any product to explore the exports or imports behavior of Norway over time.

To check South Korea and Norway trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore South Korea and Norway Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Norway exported $1.72B to South Korea. The main products exported from Norway to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). During the last 5 years the exports of Norway to South Korea have increased at an annualized rate of 9.77%, from $1.08B in 2017 to $1.72B in 2022.

In 2017, South Korea exported $1.14B to Norway. The main products exported from South Korea to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). During the last 5 years the exports of South Korea to Norway have decreased at an annualized rate of 26%, from $5.15B in 2022 to $1.14B in 2017.

Exports from Norway (Flag) to South Korea (Flag) (2022)

Exports from South Korea (Flag) to Norway (Flag) (2022)

Market Competitiveness

Color
Norway
Top DestinationGermany$78.1B
South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from Norway than South Korea included Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

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

Difference in imports from South Korea (Flag) and Norway (Flag) (2022)

Comparative Advantage Norway - South Korea

Flow
Scale

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

During 2022, Norway had a large net trade with South Korea in the exports of Animal Products ($481M), Mineral Products ($415M), and Precious Metals ($215M).

During 2017, South Korea had a large net trade with Norway in the exports of Transportation ($736M), Machines ($147M), and Plastics and Rubbers ($125M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Norway South Korea+$329MCrude Petroleum
Top Product Potential South Korea Norway+$104MCars

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

This visualization shows the product space at the HS4 level with the flags of Norway and South Korea. This means that a dot/product with the flag of Norway 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 Norway.

Product Space of Norway (Flag) and South Korea (Flag) (2022)

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