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2023
Flag → Flag
Exports $428MRnk 65 / 142
2023
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Top Product $306MCars
2023
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Exports $526kRnk 77 / 137
2023
Flag → Flag
Top Product $262kRefined Petroleum
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI -0.43Rnk 84 / 132
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
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 GDP$72.4BCURRENT US$
Rnk 83 / 195
2013-2023
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GDP GROWTH-2.43%CURRENT US$
Rnk 173 / 195
2023
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GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$7,126CURRENT US$
Rnk 103 / 196
2013-2023
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GDP PC GROWTH-9.52%CURRENT US$
Rnk 168 / 195

About

South Korea-Azerbaijan Trade: In 2023, South Korea exported $428M to Azerbaijan. The main products that South Korea exported to Azerbaijan were Cars ($306M), Large Construction Vehicles ($14.2M), and Propylene Polymers ($9.84M). Over the past 5 years the exports of South Korea to Azerbaijan have increased at an annualized rate of 17.2%, from $193M in 2018 to $428M in 2023.

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

Azerbaijan-South Korea Trade: In 2023, Azerbaijan exported $526k to South Korea. The main products that Azerbaijan exported to South Korea were Refined Petroleum ($262k), Perfume Plants ($117k), and Fruit Juice ($82.4k). Over the past 5 years the exports of Azerbaijan to South Korea have decreased at an annualized rate of 20.7%,  from $1.67M in 2018 to $526k in 2023.

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

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Azerbaijan ranked 84 in the Economic Complexity Index (ECI -0.43), and 70 in total exports ($31.2B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $14.3M and imported $5k from Azerbaijan, resulting in a positive trade balance of $14.3M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-3.36M (-19%) from $17.7M to $14.3M, while imports decreased by $-30k (-85.7%) from $35k to $5k.

Trade In December 2024, the top exports of South Korea to Azerbaijan were Cars, tractors, trucks & parts thereof. ($12.7M), Machinery, mechanical appliances, & parts ($576k), Perfumery & cosmetics ($484k), Pharmaceutical products ($291k), and Rubber & articles thereof ($213k). In December 2024 the top imports of South Korea from Azerbaijan were Machinery, mechanical appliances, & parts ($41k), Rubber & articles thereof ($24k), Mineral fuels, mineral oils and products... ($0), Pharmaceutical products ($0), and Paints, dyes, & varnishes ($0).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Azerbaijan was explained primarily by an decrease in product exports in Cars, tractors, trucks & parts thereof. ($-4.58M or -26.5%), Rubber & articles thereof ($-824k or -79.5%), and Plastics & articles thereof ($-391k or -100%). In December 2024, the decrease in South Korea's year-by-year imports  from Azerbaijan was explained primarily by an decrease in product imports  in Perfumery & cosmetics ($-37k or -100%), Electrical machinery and electronics ($-7k or -100%), and Iron/Steel Articles ($-1k or -100%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-3.36M(-19%)
IMPORT GROWTH (December 2023 - December 2024)$-30k(-85.7%)

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

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $428M to Azerbaijan. The main products exported from South Korea to Azerbaijan were Cars ($306M), Large Construction Vehicles ($14.2M), and Propylene Polymers ($9.84M). During the last 5 years the exports of South Korea to Azerbaijan have increased at an annualized rate of 17.2%, from $193M in 2018 to $428M in 2023.

In 2018, Azerbaijan exported $526k to South Korea. The main products exported from Azerbaijan to South Korea were Refined Petroleum ($262k), Perfume Plants ($117k), and Fruit Juice ($82.4k). During the last 5 years the exports of Azerbaijan to South Korea have decreased at an annualized rate of 20.7%, from $1.67M in 2023 to $526k in 2018.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Azerbaijan
Top DestinationItaly$11.4B

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 2023, countries that imported more from South Korea than Azerbaijan included China ($162B), United States ($118B), and Hong Kong ($28.8B).

In 2023, countries that imported more from Azerbaijan than South Korea included Italy ($11.4B), Russia ($1.2B), and Greece ($1.27B).

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

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 2023, South Korea had a large net trade with Azerbaijan in the exports of Transportation ($319M), Machines ($36M), and Plastics and Rubbers ($28.2M).

During 2018, Azerbaijan had a large net trade with South Korea in the exports of Mineral Products ($262k), Vegetable Products ($117k), and Foodstuffs ($82.5k).

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) (2023)

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