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2023
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Exports $4.02BRnk 28 / 142
2023
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Top Product $1.17BCars
2023
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Exports $1.92BRnk 33 / 220
2023
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Top Product $400MPig Meat
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI 0.86Rnk 31 / 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$1.62TCURRENT US$
Rnk 15 / 195
2013-2023
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GDP GROWTH18.9%CURRENT US$
Rnk 143 / 195
2023
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GDP PC $33,121CURRENT US$
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2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$33,509CURRENT US$
Rnk 40 / 196
2013-2023
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GDP PC GROWTH14.7%CURRENT US$
Rnk 119 / 195

About

South Korea-Spain Trade: In 2023, South Korea exported $4.02B to Spain. The main products that South Korea exported to Spain were Cars ($1.17B), Refined Petroleum ($209M), and Hot-Rolled Iron ($186M). Over the past 5 years the exports of South Korea to Spain have increased at an annualized rate of 1.91%, from $3.66B in 2018 to $4.02B in 2023.

In 2005, South Korea exported services to Spain worth $216M, with Transportation ($174M), Other business services ($24.3M), and Travel ($14.6M) being the largest in terms of value.

Spain-South Korea Trade: In 2023, Spain exported $1.92B to South Korea. The main products that Spain exported to South Korea were Pig Meat ($400M), Packaged Medicaments ($138M), and Non-Iron and Steel Slag, Ash and Residues ($71.1M). Over the past 5 years the exports of Spain to South Korea have decreased at an annualized rate of 5.16%,  from $2.5B in 2018 to $1.92B in 2023.

In 2009, Spain exported services to South Korea worth $108M, with Services not allocated ($108M) 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, Spain ranked 31 in the Economic Complexity Index (ECI 0.86), and 16 in total exports ($402B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $321M and imported $171M from Spain, resulting in a positive trade balance of $149M. Between December 2023 and December 2024 the exports of South Korea have increased by $22.4M (7.49%) from $298M to $321M, while imports decreased by $-111M (-39.3%) from $282M to $171M.

Trade In December 2024, the top exports of South Korea to Spain were Cars, tractors, trucks & parts thereof. ($88.8M), Iron & steel ($34M), Plastics & articles thereof ($27.4M), Electrical machinery and electronics ($16M), and Organic chemicals ($15.1M). In December 2024 the top imports of South Korea from Spain were Meat & edible offal ($51.1M), Pharmaceutical products ($15.6M), Animal or vegetable fats, oils, &... ($13M), Precious stones, metals, & pearls ($9.86M), and Mineral fuels, mineral oils and products... ($8.93M).

Growth In December 2024, the increase in South Korea's year-by-year exports to Spain was explained primarily by an increase in product exports in Iron & steel ($15.7M or 85.5%), Perfumery & cosmetics ($6.17M or 434%), and Iron/Steel Articles ($5.24M or 118%). In December 2024, the decrease in South Korea's year-by-year imports  from Spain was explained primarily by an decrease in product imports  in Machinery, mechanical appliances, & parts ($-13.3M or -66%), Fish, Crustaceans & Molluscs ($-11.4M or -82.5%), and Precious stones, metals, & pearls ($-11.1M or -52.9%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$22.4M(7.49%)
IMPORT GROWTH (December 2023 - December 2024)$-111M(-39.3%)

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

For full datasets download visit Bulk Download page.

Explore Spain and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $4.02B to Spain. The main products exported from South Korea to Spain were Cars ($1.17B), Refined Petroleum ($209M), and Hot-Rolled Iron ($186M). During the last 5 years the exports of South Korea to Spain have increased at an annualized rate of 1.91%, from $3.66B in 2018 to $4.02B in 2023.

In 2018, Spain exported $1.92B to South Korea. The main products exported from Spain to South Korea were Pig Meat ($400M), Packaged Medicaments ($138M), and Non-Iron and Steel Slag, Ash and Residues ($71.1M). During the last 5 years the exports of Spain to South Korea have decreased at an annualized rate of 5.16%, from $2.5B in 2023 to $1.92B in 2018.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Spain
Top DestinationFrance$61.9B

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

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

In 2023, countries that imported more from Spain than South Korea included France ($61.9B), Portugal ($38.1B), and Italy ($34.7B).

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

Comparative Advantage South Korea - Spain

Flow
Scale

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

During 2023, South Korea had a large net trade with Spain in the exports of Transportation ($1.37B), Metals ($618M), and Machines ($532M).

During 2018, Spain had a large net trade with South Korea in the exports of Animal Products ($496M), Chemical Products ($323M), and Machines ($227M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Spain+$273MCars
Top Product Potential Spain South Korea+$73.4MPackaged Medicaments

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 Spain. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Spain. Similarly, a dot/product with the flag of Spain indicates it has a comparative advantage over South Korea.

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

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