Flag Norway / South Korea Flag

2020
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Exports
: $1.47B, Rnk 14 / 197

2020
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Top Product
: $366M, Crude Petroleum

2020
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Exports
: $1.57B, Rnk 38 / 218

2020
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Top Product
: $945M, Passenger and Cargo Ships

2020
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Economic Complexity (ECI)
: ECI 0.71, Rnk 36 / 127

2020
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Economic Complexity (ECI)
: ECI 1.88, Rnk 5 / 127

2020
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GDP
: $362B, CURRENT US$
Rnk 32 / 204

2010-2020
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GDP GROWTH
: -15.5%, CURRENT US$
Rnk 189 / 204

2020
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 GDP
: $1.64T, CURRENT US$
Rnk 10 / 204

2010-2020
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GDP GROWTH
: 43.2%, CURRENT US$
Rnk 70 / 204

2020
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GDP PC 
: $67,330, CURRENT US$
Rnk 7 / 204

2010-2020
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GDP PC GROWTH
: -23.2%, CURRENT US$
Rnk 183 / 204

2020
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GDP PC
: $31,598, CURRENT US$
Rnk 37 / 204

2010-2020
Flag
GDP PC GROWTH
: 36.9%, CURRENT US$
Rnk 47 / 204

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).

Historical Data

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Bilateral Trade by Products

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Depth
Value

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

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

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).

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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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.