2022
Flag  
GDP
$78.7BCURRENT US$
Rnk 73 / 186
2012-2022
Flag
GDP GROWTH
13%CURRENT US$
Rnk 140 / 186
2022
Flag
 GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
GDP PC 
$7,737CURRENT US$
Rnk 87 / 186
2012-2022
Flag
GDP PC GROWTH
3.21%CURRENT US$
Rnk 134 / 186
2022
Flag
GDP PC
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186

About

Azerbaijan-South Korea Trade: In 2022, Azerbaijan exported $1.19M to South Korea. The main products that Azerbaijan exported to South Korea were Refined Petroleum ($221k), Oscilloscopes ($143k), and Insulated Wire ($143k). Over the past 5 years the exports of Azerbaijan to South Korea have increased at an annualized rate of 3.06%, from $1.03M in 2017 to $1.19M in 2022.

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

South Korea-Azerbaijan Trade: In 2022, South Korea exported $218M to Azerbaijan. The main products that South Korea exported to Azerbaijan were Cars ($111M), Gas Turbines ($18M), and Large Construction Vehicles ($11.5M). Over the past 5 years the exports of South Korea to Azerbaijan have increased at an annualized rate of 26.5%,  from $67.2M in 2017 to $218M in 2022.

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

Comparison: In 2022,  Azerbaijan ranked 83 in the Economic Complexity Index (ECI -0.44), and 65 in total exports ($38.9B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Azerbaijan exported $1.19M to South Korea. The main products exported from Azerbaijan to South Korea were Refined Petroleum ($221k), Oscilloscopes ($143k), and Insulated Wire ($143k). During the last 5 years the exports of Azerbaijan to South Korea have increased at an annualized rate of 3.06%, from $1.03M in 2017 to $1.19M in 2022.

In 2017, South Korea exported $218M to Azerbaijan. The main products exported from South Korea to Azerbaijan were Cars ($111M), Gas Turbines ($18M), and Large Construction Vehicles ($11.5M). During the last 5 years the exports of South Korea to Azerbaijan have increased at an annualized rate of 26.5%, from $67.2M in 2022 to $218M in 2017.

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

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

Latest Data

Trade between Azerbaijan (Flag) and South Korea (Flag)

Azerbaijan Exports

South Korea Exports

Market Competitiveness

Color
Azerbaijan
Top Destination
Italy$18.3B
South Korea
Top Destination
China$150B

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

In 2022, countries that imported more from Azerbaijan than South Korea included Italy ($18.3B), Croatia ($990M), and Georgia ($645M).

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

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

Comparative Advantage Azerbaijan - South Korea

Flow
Scale

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

During 2022, Azerbaijan had a large net trade with South Korea in the exports of Machines ($523k), Instruments ($309k), and Mineral Products ($221k).

During 2017, South Korea had a large net trade with Azerbaijan in the exports of Transportation ($132M), Machines ($45.7M), and Chemical Products ($10.7M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Azerbaijan South Korea+$1.45MRefined Petroleum
Top Product Potential South Korea Azerbaijan+$33.4MCars

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 Azerbaijan and South Korea. This means that a dot/product with the flag of Azerbaijan 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 Azerbaijan.

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

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