Brazil (BRA) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Brazil (BRA) and South Korea (KOR) Trade

2022

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Exports $6.43BRnk 12 / 223

2022

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About

Brazil-South Korea In 2022, Brazil exported $6.43B to South Korea. The main products that Brazil exported to South Korea are Crude Petroleum ($1.75B), Iron Ore ($867M), and Corn ($647M). During the last 27 years the exports of Brazil to South Korea have increased at an annualized rate of 7.55%, from $900M in 1995 to $6.43B in 2022.

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

South Korea-Brazil In 2022, South Korea exported $5.28B to Brazil. The main products that South Korea exported to Brazil were Integrated Circuits ($1.1B), Motor vehicles; parts and accessories (8701 to 8705) ($625M), and Spark-Ignition Engines ($258M). During the last 27 years the exports of South Korea to Brazil have increased at an annualized rate of 4.56%, from $1.59B in 1995 to $5.28B in 2022.

In 2005, South Korea exported services to Brazil worth $184M, with Transportation ($158M), Other business services ($11.9M), and Travel ($11.2M) being the largest in terms of value.

Comparison In 2022, Brazil ranked 49 in the Economic Complexity Index (ECI 0.29), and 25 in total exports ($341B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B).

Latest Trends

February, 2024

About

Overview In February 2024, Brazil exported $363M and imported $411M from South Korea, resulting in a negative trade balance of $47.9M. Between February 2023 and February 2024 the exports of Brazil have increased by $115M (46.2%) from $248M to $363M, while imports increased by $87M (26.8%) from $324M to $411M.

Trade In February 2024, the top exports of Brazil to South Korea were Corn ($181M), Crude Petroleum ($70.8M), Alcohol > 80% ABV ($56.4M), Iron Ore ($50.1M), and Poultry Meat ($37.5M). In February 2024 the top imports of Brazil from South Korea were Integrated Circuits ($124M), Motor vehicles; parts and accessories (8701... ($43.2M), Spark-Ignition Engines ($15.9M), Vaccines, blood, antisera, toxins and cultures ($10.2M), and Refined Petroleum ($9.92M).

Origins In February 2024 the exports of Brazil were mainly from Rio de Janeiro ($128M), Rio Grande do Sul ($56.4M), Minas Gerais ($46.3M), Paraná ($32.9M), and Santa Catarina ($19.5M), while imports destinations were mainly São Paulo ($195M), Amazonas ($99M), Santa Catarina ($46.5M), Pernambuco ($12.9M), and Goiás ($12.2M).

Growth In February 2024, the increase in Brazil's year-by-year exports to South Korea was explained primarily by an increase in product exports in Corn ($75.1M or 70.8%), Soybean Meal ($32.4M or 13.3k%), and Alcohol > 80% ABV ($20.8M or 58.5%). In February 2024, the increase in Brazil's year-by-year imports from South Korea was explained primarily by an increase in product imports in Refined Petroleum ($5.03M or 103%), Computers ($3.98M or 311%), and Radio Receivers ($2.28M or 294%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$115M(46.2%)

IMPORT GROWTH (February 2023 - February 2024)$87M(26.8%)

MAIN EXPORTER (February 2024)Rio de Janeiro$128M

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Brazil exported $6.43B to South Korea. The main products exported from Brazil to South Korea were Crude Petroleum ($1.75B), Iron Ore ($867M), and Corn ($647M). During the last 27 years the exports of Brazil to South Korea have increased at an annualized rate of 7.55%, from $900M in 1995 to $6.43B in 2022.

In 2022, South Korea exported $5.28B to Brazil. The main products exported from South Korea to Brazil were Integrated Circuits ($1.1B), Motor vehicles; parts and accessories (8701 to 8705) ($625M), and Spark-Ignition Engines ($258M). During the last 27 years the exports of South Korea to Brazil have increased at an annualized rate of 4.56%, from $1.59B in 1995 to $5.28B in 2022.

Exports from Brazil () to South Korea () (2022)

Exports from South Korea () to Brazil () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Brazil
Top DestinationChina$90.1B

South Korea
Top DestinationChina$150B

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

In 2021, countries that imported more from Brazil than South Korea were Argentina ($15.4B), Chile ($9.17B), and Spain ($9.78B).

In 2021, countries that imported more from South Korea than Brazil were United States ($112B), China ($150B), and Vietnam ($60.7B).

Difference in imports from South Korea () and Brazil () (2022)

Comparative Advantage Brazil - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Brazil had a large net trade with South Korea in the exports of Mineral Products ($2.66B), Foodstuffs ($1.23B), and Vegetable Products ($1.17B).

During 2022, South Korea had a large net trade with Brazil in the exports of Machines ($2.39B), Transportation ($734M), and Chemical Products ($722M).

Service Trade

Bilateral Service Trade

In 2005, South Korea exported services to Brazil worth $184M, with Transportation ($158M), Other business services ($11.9M), and Travel ($11.2M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to Brazil () (2005)

Economic Complexity

Competitive Landscape

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

Product Space of Brazil () and South Korea () (2022)

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