Norway (NOR) and South Korea (KOR) Trade | OEC - The Observatory of Economic Complexity

About

Norway-South Korea In 2020, Norway exported $1.47B to South Korea. The main products that Norway exported to South Korea are Crude Petroleum ($366M), Non-fillet Fresh Fish ($185M), and Platinum ($160M). During the last 25 years the exports of Norway to South Korea have increased at an annualized rate of 7.87%, from $222M in 1995 to $1.47B in 2020.

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

South Korea-Norway In 2020, South Korea exported $1.57B to Norway. The main products that South Korea exported to Norway were Passenger and Cargo Ships ($945M), Cars ($242M), and Military Weapons ($120M). During the last 25 years the exports of South Korea to Norway have increased at an annualized rate of 4.14%, from $571M in 1995 to $1.57B in 2020.

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 2020, Norway ranked 36 in the Economic Complexity Index (ECI 0.71), and 38 in total exports ($86.2B). That same year, South Korea ranked 5 in the Economic Complexity Index (ECI 1.88), and 5 in total exports ($531B).

Latest Trends

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December, 2022

About

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Overview In December 2022, Norway exported NOK989M and imported NOK666M from South Korea, resulting in a positive trade balance of NOK323M. Between December 2021 and December 2022 the exports of Norway have decreased by NOK-392M (-28.4%) from NOK1.38B to NOK989M, while imports decreased by NOK-370M (-35.7%) from NOK1.04B to NOK666M.

Trade In December 2022, the top exports of Norway to South Korea were Fish (not marine mammals), crustaceans, molluscs... (NOK339M), Non-ferrous metals (NOK235M), General industrial machinery and equipment, n.e.s.,... (NOK136M), Professional, scientific and controlling instruments and... (NOK78M), and Power-generating machinery and equipment (NOK29M). In December 2022 the top imports of Norway from South Korea were Road vehicles (including air-cushion vehicles) (NOK349M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK71.6M), Machinery specialized for particular industries (NOK42.6M), Telecommunications and sound-recording and reproducing apparatus... (NOK25.1M), and General industrial machinery and equipment, n.e.s.,... (NOK17.4M).

Growth In December 2022, the decrease in Norway's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Non-ferrous metals (NOK-132M or -53.9%), Chemical materials and products, n.e.s. (NOK-16.3M or -74.2%), and Iron and steel (NOK-12.5M or -76.6%). In December 2022, the decrease in Norway's year-by-year imports from South Korea was explained primarily by an decrease in product imports in Rubber manufactures, n.e.s. (NOK-10.9M or -67.1%), Metalworking machinery (NOK-6.84M or -98.7%), and Power-generating machinery and equipment (NOK-2.78M or -46.9%).

Latest Trade

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Flow

Time Scale

Value

EXPORT GROWTH (December 2021 - December 2022): NOK-392M, (-28.4%)

IMPORT GROWTH (December 2021 - December 2022): NOK-370M, (-35.7%)

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.

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Historical Data

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Bilateral Trade by Products

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Depth

Value

Year

In 2020, Norway exported $1.47B to South Korea. The main products exported from Norway to South Korea were Crude Petroleum ($366M), Non-fillet Fresh Fish ($185M), and Platinum ($160M). During the last 25 years the exports of Norway to South Korea have increased at an annualized rate of 7.87%, from $222M in 1995 to $1.47B in 2020.

In 2020, South Korea exported $1.57B to Norway. The main products exported from South Korea to Norway were Passenger and Cargo Ships ($945M), Cars ($242M), and Military Weapons ($120M). During the last 25 years the exports of South Korea to Norway have increased at an annualized rate of 4.14%, from $571M in 1995 to $1.57B in 2020.

Market Competitiveness

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Measure

SectionYear

Norway
Top Destination: United Kingdom, $14B

South Korea
Top Destination: China, $131B

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 2019, countries that imported more from Norway than South Korea were United Kingdom ($14B), Sweden ($9.1B), and Netherlands ($8.09B).

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

Comparative Advantage Norway - South Korea

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Flow

Year

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

During 2020, Norway had a large net trade with South Korea in the exports of Mineral Products ($400M), Animal Products ($335M), and Machines ($262M).

During 2020, South Korea had a large net trade with Norway in the exports of Transportation ($1.22B), Machines ($123M), and Weapons ($123M).

Service Trade

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Bilateral Service Trade

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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.

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

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage Norway - South Korea

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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