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2023
Flag → Flag
Exports $6.28BRnk 21 / 220
2023
Flag → Flag
Top Product $1.51BRefined Petroleum
2023
Flag → Flag
Exports $19.6BRnk 7 / 142
2023
Flag → Flag
Top Product $2.56BIntegrated Circuits
2023
Flag
Economic Complexity (ECI) ECI 0.65Rnk 39 / 132
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$3.57TCURRENT US$
Rnk 5 / 195
2013-2023
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GDP GROWTH92.1%CURRENT US$
Rnk 19 / 195
2023
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 GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
GDP PC $2,481CURRENT US$
Rnk 148 / 195
2013-2023
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GDP PC GROWTH73.1%CURRENT US$
Rnk 22 / 195
2023
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GDP PC$33,121CURRENT US$
Rnk 41 / 196
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195

About

India-South Korea Trade: In 2023, India exported $6.28B to South Korea. The main products that India exported to South Korea were Refined Petroleum ($1.51B), Raw Aluminium ($797M), and Gas Turbines ($297M). Over the past 5 years the exports of India to South Korea have increased at an annualized rate of 1.19%, from $5.92B in 2018 to $6.28B in 2023.

In 2023, India did not export any services to South Korea.

South Korea-India Trade: In 2023, South Korea exported $19.6B to India. The main products that South Korea exported to India were Integrated Circuits ($2.56B), Motor vehicles; parts and accessories (8701 to 8705) ($987M), and Refined Petroleum ($915M). Over the past 5 years the exports of South Korea to India have increased at an annualized rate of 3.7%,  from $16.3B in 2018 to $19.6B in 2023.

In 2005, South Korea exported services to India worth $475M, with Transportation ($299M), Services not allocated ($82.3M), and Travel ($56.3M) being the largest in terms of value.

Comparison: In 2023,  India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B). 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, India exported $471M and imported $1.82B from South Korea, resulting in a negative trade balance of $1.35B. Between November 2023 and November 2024 the exports of India have decreased by $-123M (-20.6%) from $594M to $471M, while imports decreased by $-255M (-12.2%) from $2.08B to $1.82B.

Trade In November 2024, the top exports of India to South Korea were Petroleum Products ($173M), Aluminium, Products Of Aluminm ($70.5M), Lead And Products Made Of Led ($24.9M), Iron And Steel ($23.8M), and Organic Chemicals ($20M). In November 2024 the top imports of India from South Korea were Iron And Steel ($206M), Electronics Components ($158M), Plastic Raw Materials ($133M), Organic Chemicals ($82.1M), and Auto Components/Parts ($81M).

Growth In November 2024, the decrease in India's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Aluminium, Products Of Aluminm ($-91.9M or -56.6%), Iron And Steel ($-21.3M or -47.3%), and Cotton Yarn ($-8.56M or -60%). In November 2024, the decrease in India's year-by-year imports  from South Korea was explained primarily by an decrease in product imports  in Iron And Steel ($-72.8M or -26.1%), Plastic Raw Materials ($-63.7M or -32.4%), and Electronics Components ($-27.1M or -14.7%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (November 2023 - November 2024)$-123M(-20.6%)
IMPORT GROWTH (November 2023 - November 2024)$-255M(-12.2%)

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

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

For full datasets download visit Bulk Download page.

Explore South Korea and India Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, India exported $6.28B to South Korea. The main products exported from India to South Korea were Refined Petroleum ($1.51B), Raw Aluminium ($797M), and Gas Turbines ($297M). During the last 5 years the exports of India to South Korea have increased at an annualized rate of 1.19%, from $5.92B in 2018 to $6.28B in 2023.

In 2018, South Korea exported $19.6B to India. The main products exported from South Korea to India were Integrated Circuits ($2.56B), Motor vehicles; parts and accessories (8701 to 8705) ($987M), and Refined Petroleum ($915M). During the last 5 years the exports of South Korea to India have increased at an annualized rate of 3.7%, from $16.3B in 2023 to $19.6B in 2018.

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

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

Market Competitiveness

Color
India
Top DestinationUnited States$85.5B
South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from India than South Korea included United Arab Emirates ($28.8B), Bangladesh ($11.3B), and Nepal ($7.25B).

In 2023, countries that imported more from South Korea than India included China ($162B), United States ($118B), and Chinese Taipei ($28.2B).

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

Comparative Advantage India - South Korea

Flow
Scale

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

During 2023, India had a large net trade with South Korea in the exports of Metals ($1.68B), Mineral Products ($1.62B), and Chemical Products ($920M).

During 2018, South Korea had a large net trade with India in the exports of Machines ($6.94B), Metals ($4.29B), and Plastics and Rubbers ($2.67B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential India South Korea+$1.25BRefined Petroleum
Top Product Potential South Korea India+$912MIntegrated 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

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

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

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