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2023
Flag → Flag
Exports $3.19BRnk 30 / 142
2023
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Top Product $581MLarge Construction Vehicles
2023
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Exports $2BRnk 33 / 220
2023
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Top Product $433MPackaged Medicaments
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI 1.23Rnk 20 / 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$645BCURRENT US$
Rnk 23 / 195
2013-2023
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GDP GROWTH23%CURRENT US$
Rnk 132 / 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$54,701CURRENT US$
Rnk 20 / 196
2013-2023
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GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195

About

South Korea-Belgium Trade: In 2023, South Korea exported $3.19B to Belgium. The main products that South Korea exported to Belgium were Large Construction Vehicles ($581M), Cars ($473M), and Passenger and Cargo Ships ($280M). Over the past 5 years the exports of South Korea to Belgium have increased at an annualized rate of 9.2%, from $2.06B in 2018 to $3.19B in 2023.

In 2005, South Korea exported services to Belgium worth $206M, with Transportation ($149M), Other business services ($23.1M), and Insurance services ($20.1M) being the largest in terms of value.

Belgium-South Korea Trade: In 2023, Belgium exported $2B to South Korea. The main products that Belgium exported to South Korea were Packaged Medicaments ($433M), Vaccines, blood, antisera, toxins and cultures ($198M), and Platinum ($137M). Over the past 5 years the exports of Belgium to South Korea have increased at an annualized rate of 5.63%,  from $1.52B in 2018 to $2B in 2023.

In 2020, Belgium exported services to South Korea worth $381M, with Royalties and license fees ($155M), Other business services ($122M), and Transportation ($66.2M) being the largest in terms of value.

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $282M and imported $134M from Belgium, resulting in a positive trade balance of $148M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-76.7M (-21.4%) from $359M to $282M, while imports increased by $20.8M (18.3%) from $113M to $134M.

Trade In December 2024, the top exports of South Korea to Belgium were Machinery, mechanical appliances, & parts ($76.1M), Pharmaceutical products ($41.9M), Cars, tractors, trucks & parts thereof. ($40.8M), Iron & steel ($37.7M), and Plastics & articles thereof ($32.7M). In December 2024 the top imports of South Korea from Belgium were Pharmaceutical products ($22.6M), Machinery, mechanical appliances, & parts ($9.54M), Photo & movie goods ($6.04M), Precious stones, metals, & pearls ($5.79M), and Organic chemicals ($5.27M).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Belgium was explained primarily by an decrease in product exports in Cars, tractors, trucks & parts thereof. ($-57.1M or -58.3%), Iron & steel ($-22.9M or -37.8%), and Organic chemicals ($-17.6M or -44.3%). In December 2024, the increase in South Korea's year-by-year imports  from Belgium was explained primarily by an increase in product imports  in Photo & movie goods ($3.77M or 167%), Meat & edible offal ($1.32M or 46.2%), and Miscellaneous edible preparations ($1.14M or 302%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-76.7M(-21.4%)
IMPORT GROWTH (December 2023 - December 2024)$20.8M(18.3%)

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 Belgium and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Belgium and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $3.19B to Belgium. The main products exported from South Korea to Belgium were Large Construction Vehicles ($581M), Cars ($473M), and Passenger and Cargo Ships ($280M). During the last 5 years the exports of South Korea to Belgium have increased at an annualized rate of 9.2%, from $2.06B in 2018 to $3.19B in 2023.

In 2018, Belgium exported $2B to South Korea. The main products exported from Belgium to South Korea were Packaged Medicaments ($433M), Vaccines, blood, antisera, toxins and cultures ($198M), and Platinum ($137M). During the last 5 years the exports of Belgium to South Korea have increased at an annualized rate of 5.63%, from $1.52B in 2023 to $2B in 2018.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Belgium
Top DestinationFrance$85.6B

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

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

In 2023, countries that imported more from Belgium than South Korea included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

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

Comparative Advantage South Korea - Belgium

Flow
Scale

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

During 2023, South Korea had a large net trade with Belgium in the exports of Machines ($1.2B), Transportation ($808M), and Chemical Products ($396M).

During 2018, Belgium had a large net trade with South Korea in the exports of Chemical Products ($942M), Machines ($208M), and Metals ($166M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Belgium+$271MCars
Top Product Potential Belgium South Korea+$193MRefined 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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Bilateral Service Trade

In 2005, South Korea exported services to Belgium worth $206M, with Transportation ($149M), Other business services ($23.1M), and Insurance services ($20.1M) being the largest in terms of value.

In 2020, Belgium exported services to South Korea worth $381M, with Royalties and license fees ($155M), Other business services ($122M), and Transportation ($66.2M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea (Flag) to Belgium (Flag) (2005)

Services Exports from Belgium (Flag) to South Korea (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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