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2022
Flag → Flag
Exports $8.89BRnk 16 / 220
2022
Flag → Flag
Top Product $3.25BCars
2022
Flag → Flag
Exports $6.96BRnk 6 / 215
2022
Flag → Flag
Top Product $2.09BCoal Briquettes
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 0.92Rnk 31 / 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$2.14TCURRENT US$
Rnk 9 / 186
2012-2022
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GDP GROWTH17%CURRENT US$
Rnk 129 / 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$54,966CURRENT US$
Rnk 14 / 186
2012-2022
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GDP PC GROWTH4.36%CURRENT US$
Rnk 130 / 186

About

South Korea-Canada Trade: In 2022, South Korea exported $8.89B to Canada. The main products that South Korea exported to Canada were Cars ($3.25B), Motor vehicles; parts and accessories (8701 to 8705) ($320M), and Other Plastic Products ($306M). Over the past 5 years the exports of South Korea to Canada have increased at an annualized rate of 10.2%, from $5.46B in 2017 to $8.89B in 2022.

In 2005, South Korea exported services to Canada worth $447M, with Transportation ($213M), Travel ($136M), and Other business services ($44.5M) being the largest in terms of value.

Canada-South Korea Trade: In 2022, Canada exported $6.96B to South Korea. The main products that Canada exported to South Korea were Coal Briquettes ($2.09B), Copper Ore ($775M), and Iron Ore ($620M). Over the past 5 years the exports of Canada to South Korea have increased at an annualized rate of 9.55%,  from $4.41B in 2017 to $6.96B in 2022.

In 2020, Canada exported services to South Korea worth $594M, with Travel ($374M), Transportation ($151M), and Royalties and license fees ($29.1M) being the largest in terms of value.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Canada ranked 31 in the Economic Complexity Index (ECI 0.92), and 9 in total exports ($587B).

Latest Trends

August, 2024

About

Overview In August 2024, South Korea exported $804M and imported $518M from Canada, resulting in a positive trade balance of $287M. Between August 2023 and August 2024 the exports of South Korea have increased by $238M (41.9%) from $567M to $804M, while imports decreased by $-31.7M (-5.76%) from $549M to $518M.

Trade In August 2024, the top exports of South Korea to Canada were Cars, tractors, trucks & parts thereof. ($374M), Machinery, mechanical appliances, & parts ($69.5M), Iron or steel articles ($45.8M), Iron & steel ($26.3M), and Electrical machinery and electronics ($23M). In August 2024 the top imports of South Korea from Canada were Ores, slag and ash ($126M), Mineral fuels, mineral oils and products... ($95M), Meat & edible offal ($31.6M), Wood pulp & paper scrap ($27M), and Nickel articles ($17.4M).

Growth In August 2024, the increase in South Korea's year-by-year exports to Canada was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($91.6M or 32.4%), Iron or steel articles ($22.4M or 95.3%), and Precious stones, metals, & pearls ($13.7M or 6.16k%). In August 2024, the decrease in South Korea's year-by-year imports  from Canada was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... ($-96.3M or -50.3%), Inorganic chemicals ($-20.7M or -90.9%), and Aircraft and spacecraft ($-12.2M or -96.2%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)$238M(41.9%)
IMPORT GROWTH (August 2023 - August 2024)$-31.7M(-5.76%)

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

For full datasets download visit Bulk Download page.

Explore Canada and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $8.89B to Canada. The main products exported from South Korea to Canada were Cars ($3.25B), Motor vehicles; parts and accessories (8701 to 8705) ($320M), and Other Plastic Products ($306M). During the last 5 years the exports of South Korea to Canada have increased at an annualized rate of 10.2%, from $5.46B in 2017 to $8.89B in 2022.

In 2017, Canada exported $6.96B to South Korea. The main products exported from Canada to South Korea were Coal Briquettes ($2.09B), Copper Ore ($775M), and Iron Ore ($620M). During the last 5 years the exports of Canada to South Korea have increased at an annualized rate of 9.55%, from $4.41B in 2022 to $6.96B in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Canada
Top DestinationUnited States$438B

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

In 2022, countries that imported more from South Korea than Canada included China ($150B), Vietnam ($60.7B), and Chinese Taipei ($28.4B).

In 2022, countries that imported more from Canada than South Korea included United States ($438B), United Kingdom ($12.9B), and Norway ($3.19B).

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

Comparative Advantage South Korea - Canada

Flow
Scale

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

During 2022, South Korea had a large net trade with Canada in the exports of Transportation ($3.73B), Machines ($1.98B), and Metals ($1.15B).

During 2017, Canada had a large net trade with South Korea in the exports of Mineral Products ($4.21B), Animal Products ($440M), and Metals ($383M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Canada+$197MMotor vehicles; parts and accessories (8701 to 8705)
Top Product Potential Canada South Korea+$425MCrude 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 Canada worth $447M, with Transportation ($213M), Travel ($136M), and Other business services ($44.5M) being the largest in terms of value.

In 2020, Canada exported services to South Korea worth $594M, with Travel ($374M), Transportation ($151M), and Royalties and license fees ($29.1M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Services Exports from Canada (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 Canada. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Canada. Similarly, a dot/product with the flag of Canada indicates it has a comparative advantage over South Korea.

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

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