South Korea (KOR) and Spain (ESP) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and Spain (ESP) Trade

2022

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Exports $3.63BRnk 31 / 220

2022

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About

South Korea-Spain In 2022, South Korea exported $3.63B to Spain. The main products that South Korea exported to Spain are Cars ($1.06B), Polycarboxylic Acids ($167M), and Industrial Fatty Acids, Oils and Alcohols ($140M). During the last 27 years the exports of South Korea to Spain have increased at an annualized rate of 4.98%, from $977M in 1995 to $3.63B in 2022.

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 In 2022, Spain exported $2.37B to South Korea. The main products that Spain exported to South Korea were Pig Meat ($455M), Non-Iron and Steel Slag, Ash and Residues ($109M), and Packaged Medicaments ($101M). During the last 27 years the exports of Spain to South Korea have increased at an annualized rate of 5.66%, from $535M in 1995 to $2.37B in 2022.

In 2009, Spain exported services to South Korea worth $108M, with Services not allocated ($108M) 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, Spain ranked 33 in the Economic Complexity Index (ECI 0.81), and 20 in total exports ($394B).

Latest Trends

March, 2024

About

Overview In March 2024, South Korea exported $346M and imported $201M from Spain, resulting in a positive trade balance of $145M. Between March 2023 and March 2024 the exports of South Korea have increased by $24.2M (7.52%) from $322M to $346M, while imports decreased by $-15.4M (-7.13%) from $216M to $201M.

Trade In March 2024, the top exports of South Korea to Spain were Cars, tractors, trucks & parts thereof. ($90.5M), Plastics & articles thereof ($30M), Electrical machinery and electronics ($25.2M), Organic chemicals ($18.7M), and Iron & steel ($18.3M). In March 2024 the top imports of South Korea from Spain were Meat & edible offal ($38.3M), Pharmaceutical products ($21M), Precious stones, metals, & pearls ($20.9M), Machinery, mechanical appliances, & parts ($20.1M), and Fish, crustaceans, & molluscs ($13.9M).

Growth In March 2024, the increase in South Korea's year-by-year exports to Spain was explained primarily by an increase in product exports in Electrical machinery and electronics ($10.7M or 73.9%), Optical, photo, & film equipment; medical... ($1.66M or 40.7%), and Inorganic chemicals ($1.55M or 81.5%). In March 2024, the decrease in South Korea's year-by-year imports from Spain was explained primarily by an decrease in product imports in Meat & edible offal ($-15.7M or -29%), Electrical machinery and electronics ($-5.2M or -33.5%), and Organic chemicals ($-4.41M or -54.2%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (March 2023 - March 2024)$24.2M(7.52%)

IMPORT GROWTH (March 2023 - March 2024)$-15.4M(-7.13%)

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.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $3.63B to Spain. The main products exported from South Korea to Spain were Cars ($1.06B), Polycarboxylic Acids ($167M), and Industrial Fatty Acids, Oils and Alcohols ($140M). During the last 27 years the exports of South Korea to Spain have increased at an annualized rate of 4.98%, from $977M in 1995 to $3.63B in 2022.

In 2022, Spain exported $2.37B to South Korea. The main products exported from Spain to South Korea were Pig Meat ($455M), Non-Iron and Steel Slag, Ash and Residues ($109M), and Packaged Medicaments ($101M). During the last 27 years the exports of Spain to South Korea have increased at an annualized rate of 5.66%, from $535M in 1995 to $2.37B in 2022.

Exports from South Korea () to Spain () (2022)

Exports from Spain () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Spain
Top DestinationFrance$65.2B

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 2021, countries that imported more from South Korea than Spain were China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2021, countries that imported more from Spain than South Korea were France ($65.2B), Portugal ($34.9B), and Germany ($39.2B).

Difference in imports from Spain () and South Korea () (2022)

Comparative Advantage South Korea - Spain

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with Spain in the exports of Transportation ($1.2B), Metals ($566M), and Machines ($523M).

During 2022, Spain had a large net trade with South Korea in the exports of Animal Products ($598M), Machines ($341M), and Chemical Products ($318M).

Service Trade

Bilateral Service Trade

Esp Year

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.

In 2009, Spain exported services to South Korea worth $108M, with Services not allocated ($108M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to Spain () (2005)

Services Exports from Spain () to South Korea () (2009)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more South Korea has comparative advantage over Spain. Similarly, the more yellow a dot/product is, the more Spain has comparative advantage over South Korea.

Product Space of South Korea () and Spain () (2022)

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