Guatemala (GTM) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Guatemala-South Korea Trade: In 2022, Guatemala exported $167M to South Korea. The main products that Guatemala exported to South Korea were Ferroalloys ($69.9M), Coffee ($64.6M), and Scrap Aluminium ($5.72M). Over the past 5 years the exports of Guatemala to South Korea have increased at an annualized rate of 10.5%, from $101M in 2017 to $167M in 2022.

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

South Korea-Guatemala Trade: In 2022, South Korea exported $424M to Guatemala. The main products that South Korea exported to Guatemala were Cars ($48M), Refined Petroleum ($36.7M), and Flat Flat-Rolled Steel ($35.6M). Over the past 5 years the exports of South Korea to Guatemala have increased at an annualized rate of 7.69%, from $293M in 2017 to $424M in 2022.

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

Comparison: In 2022, Guatemala ranked 76 in the Economic Complexity Index (ECI -0.2), and 84 in total exports ($16.4B). 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

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Guatemala exported $167M to South Korea. The main products exported from Guatemala to South Korea were Ferroalloys ($69.9M), Coffee ($64.6M), and Scrap Aluminium ($5.72M). During the last 5 years the exports of Guatemala to South Korea have increased at an annualized rate of 10.5%, from $101M in 2017 to $167M in 2022.

In 2017, South Korea exported $424M to Guatemala. The main products exported from South Korea to Guatemala were Cars ($48M), Refined Petroleum ($36.7M), and Flat Flat-Rolled Steel ($35.6M). During the last 5 years the exports of South Korea to Guatemala have increased at an annualized rate of 7.69%, from $293M in 2022 to $424M in 2017.

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

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

Latest Data

Trade between Guatemala () and South Korea ()

Guatemala Exports

Date

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Guatemala
Top DestinationUnited States$5.23B

South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from Guatemala than South Korea included El Salvador ($2.03B), Honduras ($1.58B), and Nicaragua ($1B).

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

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

Comparative Advantage Guatemala - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Guatemala had a large net trade with South Korea in the exports of Metals ($79.8M), Vegetable Products ($68.4M), and Chemical Products ($5.21M).

During 2017, South Korea had a large net trade with Guatemala in the exports of Transportation ($87.5M), Chemical Products ($66M), and Machines ($60.6M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Guatemala South Korea+$6.1MBananas

Top Product Potential South Korea Guatemala+$42.5MRefined Petroleum

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

About

Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Guatemala () and South Korea ()

Guatemala Exports

South Korea Exports

Market Competitiveness

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

Comparative Advantage Guatemala - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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