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 Trade: In 2022, Brazil exported $6.43B to South Korea. The main products that Brazil exported to South Korea were Crude Petroleum ($1.75B), Iron Ore ($867M), and Corn ($647M). Over the past 5 years the exports of Brazil to South Korea have increased at an annualized rate of 15.2%, from $3.17B in 2017 to $6.43B in 2022.

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

South Korea-Brazil Trade: 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). Over the past 5 years the exports of South Korea to Brazil have decreased at an annualized rate of 1.66%, from $5.74B in 2017 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 0.36), and 25 in total exports ($341B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Latest Trends

September, 2024

About

Overview In September 2024, Brazil exported $740M and imported $409M from South Korea, resulting in a positive trade balance of $331M. Between September 2023 and September 2024 the exports of Brazil have increased by $274M (58.7%) from $466M to $740M, while imports increased by $41M (11.1%) from $368M to $409M.

Trade In September 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 September 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 September 2024 the exports of Brazil were mainly from Rio Grande do Sul ($182M), Mato Grosso ($87.9M), Paraná ($60M), Minas Gerais ($45.5M), and São Paulo ($42.2M), while imports destinations were mainly São Paulo ($188M), Amazonas ($61.9M), Santa Catarina ($53.8M), Goiás ($21.4M), and Rio Grande do Sul ($16.2M).

Growth In September 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 September 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

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (September 2023 - September 2024)$274M(58.7%)

IMPORT GROWTH (September 2023 - September 2024)$41M(11.1%)

MAIN EXPORTER (September 2024)Rio Grande do Sul$182M

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 5 years the exports of Brazil to South Korea have increased at an annualized rate of 15.2%, from $3.17B in 2017 to $6.43B in 2022.

In 2017, 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 5 years the exports of South Korea to Brazil have decreased at an annualized rate of 1.66%, from $5.74B in 2022 to $5.28B in 2017.

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 2022, countries that imported more from Brazil than South Korea included Argentina ($15.4B), Chile ($9.17B), and Spain ($9.78B).

In 2022, countries that imported more from South Korea than Brazil included 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 2017, South Korea had a large net trade with Brazil in the exports of Machines ($2.39B), Transportation ($734M), and Chemical Products ($722M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Brazil South Korea+$715MCrude Petroleum

Top Product Potential South Korea Brazil+$144MIntegrated Circuits

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

Year

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

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

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