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2022
Flag → Flag
Exports $218MRnk 92 / 220
2022
Flag → Flag
Top Product $111MCars
2022
Flag → Flag
Exports $1.19MRnk 75 / 141
2022
Flag → Flag
Top Product $221kRefined Petroleum
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI -0.44Rnk 83 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$78.7BCURRENT US$
Rnk 73 / 186
2012-2022
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GDP GROWTH13%CURRENT US$
Rnk 140 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$7,737CURRENT US$
Rnk 87 / 186
2012-2022
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GDP PC GROWTH3.21%CURRENT US$
Rnk 134 / 186

About

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.

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.

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

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $16M and imported $26k from Azerbaijan, resulting in a positive trade balance of $16M. Between July 2023 and July 2024 the exports of South Korea have decreased by $-3.36M (-17.4%) from $19.4M to $16M, while imports decreased by $-778k (-96.8%) from $804k to $26k.

Trade In July 2024, the top exports of South Korea to Azerbaijan were Cars, tractors, trucks & parts thereof. ($17.3M), Rubber & articles thereof ($1.04M), Optical, photo, & film equipment; medical... ($520k), Plastics & articles thereof ($391k), and Perfumery & cosmetics ($338k). In July 2024 the top imports of South Korea from Azerbaijan were Perfumery & cosmetics ($37k), Electrical machinery and electronics ($7k), Iron or steel articles ($1k), Oils seeds, oleaginous fruits, grains, straw... ($0), and Preparations of cereals, flour, starch or... ($0).

Growth In July 2024, the decrease in South Korea's year-by-year exports to Azerbaijan was explained primarily by an decrease in product exports in Machinery, mechanical appliances, & parts ($-155k or -76%), Mineral fuels, mineral oils and products... ($-11k or -16.4%), and Books, newspapers, & other prints ($-3k or -100%). In July 2024, the decrease in South Korea's year-by-year imports  from Azerbaijan was explained primarily by an decrease in product imports  in Plastics & articles thereof ($-2k or -100%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$-3.36M(-17.4%)
IMPORT GROWTH (July 2023 - July 2024)$-778k(-96.8%)

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

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

For full datasets download visit Bulk Download page.

Explore Azerbaijan and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, 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 2017 to $218M in 2022.

In 2017, 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 2022 to $1.19M in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Azerbaijan
Top DestinationItaly$18.3B

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

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

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

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

Comparative Advantage South Korea - Azerbaijan

Flow
Scale

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

During 2022, South Korea had a large net trade with Azerbaijan in the exports of Transportation ($132M), Machines ($45.7M), and Chemical Products ($10.7M).

During 2017, Azerbaijan had a large net trade with South Korea in the exports of Machines ($523k), Instruments ($309k), and Mineral Products ($221k).

Potential Exports

Potential Exports

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

This visualization shows the product space at the HS4 level with the flags of South Korea and Azerbaijan. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Azerbaijan. Similarly, a dot/product with the flag of Azerbaijan indicates it has a comparative advantage over South Korea.

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

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