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2023
Flag → Flag
Exports $5.1BRnk 9 / 215
2023
Flag → Flag
Top Product $1.55BCoal Briquettes
2023
Flag → Flag
Exports $10.2BRnk 13 / 142
2023
Flag → Flag
Top Product $4.5BCars
2023
Flag
Economic Complexity (ECI) ECI 0.9Rnk 30 / 132
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$2.14TCURRENT US$
Rnk 10 / 195
2013-2023
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GDP GROWTH16%CURRENT US$
Rnk 150 / 195
2023
Flag
 GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
GDP PC $53,431CURRENT US$
Rnk 22 / 195
2013-2023
Flag
GDP PC GROWTH1.51%CURRENT US$
Rnk 152 / 195
2023
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GDP PC$33,121CURRENT US$
Rnk 41 / 196
2013-2023
Flag
GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195

About

Canada-South Korea Trade: In 2023, Canada exported $5.1B to South Korea. The main products that Canada exported to South Korea were Coal Briquettes ($1.55B), Iron Ore ($517M), and Copper Ore ($509M). Over the past 5 years the exports of Canada to South Korea have decreased at an annualized rate of 1.59%, from $5.52B in 2018 to $5.1B in 2023.

In 2020, Canada exported services to South Korea worth $594M, with Travel ($374M), Transportation ($151M), and Royalties and license fees ($29.1M) being the largest in terms of value.

South Korea-Canada Trade: In 2023, South Korea exported $10.2B to Canada. The main products that South Korea exported to Canada were Cars ($4.5B), Motor vehicles; parts and accessories (8701 to 8705) ($311M), and Large Construction Vehicles ($263M). Over the past 5 years the exports of South Korea to Canada have increased at an annualized rate of 7.09%,  from $7.22B in 2018 to $10.2B in 2023.

In 2005, South Korea exported services to Canada worth $447M, with Transportation ($213M), Travel ($136M), and Other business services ($44.5M) being the largest in terms of value.

Comparison: In 2023,  Canada ranked 30 in the Economic Complexity Index (ECI 0.9), and 10 in total exports ($574B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Latest Trends

November, 2024

About

Overview In November 2024, Canada exported C$574M and imported C$1.02B from South Korea, resulting in a negative trade balance of C$450M. Between November 2023 and November 2024 the exports of Canada have decreased by C$-31.3M (-5.16%) from C$606M to C$574M, while imports decreased by C$-90.1M (-8.09%) from C$1.11B to C$1.02B.

Trade In November 2024, the top exports of Canada to South Korea were Coal Briquettes (C$150M), Petroleum Gas (C$66.9M), Copper Ore (C$57.4M), Raw Nickel (C$43.6M), and Iron Ore (C$27M). In November 2024 the top imports of Canada from South Korea were Cars (C$399M), Other Large Iron Pipes (C$43.4M), Motor vehicles; parts and accessories (8701... (C$30.3M), Large Construction Vehicles (C$29.6M), and Platinum (C$29.6M).

Origins In November 2024 the exports of Canada were mainly from British Columbia (C$253M), Ontario (C$97.1M), Quebec (C$90.2M), Alberta (C$82.2M), and Saskatchewan (C$27.5M), while imports destinations were mainly Ontario (C$772M), British Columbia (C$168M), Quebec (C$44.7M), Alberta (C$21.5M), and Manitoba (C$7.86M).

Growth In November 2024, the decrease in Canada's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Iron Ore (C$-86.4M or -76.2%), Coal Briquettes (C$-79.6M or -34.7%), and Copper Ore (C$-49.5M or -46.3%). In November 2024, the decrease in Canada's year-by-year imports  from South Korea was explained primarily by an decrease in product imports  in Vaccines, blood, antisera, toxins and cultures (C$-137M or -89.1%), Telephones (C$-28M or -87.8%), and Hot-Rolled Iron (C$-27.8M or -91.7%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (November 2023 - November 2024)C$-31.3M(-5.16%)
IMPORT GROWTH (November 2023 - November 2024)C$-90.1M(-8.09%)
MAIN EXPORTER (November 2024)British ColumbiaC$253M

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

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

For full datasets download visit Bulk Download page.

Explore South Korea and Canada Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Canada exported $5.1B to South Korea. The main products exported from Canada to South Korea were Coal Briquettes ($1.55B), Iron Ore ($517M), and Copper Ore ($509M). During the last 5 years the exports of Canada to South Korea have decreased at an annualized rate of 1.59%, from $5.52B in 2018 to $5.1B in 2023.

In 2018, South Korea exported $10.2B to Canada. The main products exported from South Korea to Canada were Cars ($4.5B), Motor vehicles; parts and accessories (8701 to 8705) ($311M), and Large Construction Vehicles ($263M). During the last 5 years the exports of South Korea to Canada have increased at an annualized rate of 7.09%, from $7.22B in 2023 to $10.2B in 2018.

Exports from Canada (Flag) to South Korea (Flag) (2023)

Exports from South Korea (Flag) to Canada (Flag) (2023)

Market Competitiveness

Color
Canada
Top DestinationUnited States$410B
South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from Canada than South Korea included United States ($410B), United Kingdom ($18B), and Switzerland ($6.71B).

In 2023, countries that imported more from South Korea than Canada included China ($162B), Chinese Taipei ($28.2B), and Hong Kong ($28.8B).

Difference in imports from South Korea (Flag) and Canada (Flag) (2023)

Comparative Advantage Canada - South Korea

Flow
Scale

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

During 2023, Canada had a large net trade with South Korea in the exports of Mineral Products ($3.02B), Animal Products ($331M), and Metals ($299M).

During 2018, South Korea had a large net trade with Canada in the exports of Transportation ($4.9B), Machines ($2.21B), and Metals ($997M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Canada South Korea+$425MCrude Petroleum
Top Product Potential South Korea Canada+$197MMotor vehicles; parts and accessories (8701 to 8705)

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

Product Space of Canada (Flag) and South Korea (Flag) (2023)

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