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2022
Flag → Flag
Exports $3.63BRnk 31 / 220
2022
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Top Product $1.06BCars
2022
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Exports $2.37BRnk 27 / 218
2022
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Top Product $455MPig Meat
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 0.81Rnk 33 / 133
2022
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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$1.4TCURRENT US$
Rnk 15 / 186
2012-2022
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GDP GROWTH5.49%CURRENT US$
Rnk 154 / 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$29,350CURRENT US$
Rnk 40 / 186
2012-2022
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GDP PC GROWTH3.63%CURRENT US$
Rnk 132 / 186

About

South Korea-Spain Trade: In 2022, South Korea exported $3.63B to Spain. The main products that South Korea exported to Spain were Cars ($1.06B), Polycarboxylic Acids ($167M), and Industrial Fatty Acids, Oils and Alcohols ($140M). Over the past 5 years the exports of South Korea to Spain have increased at an annualized rate of 1.34%, from $3.4B in 2017 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 Trade: 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). Over the past 5 years the exports of Spain to South Korea have increased at an annualized rate of 1.97%,  from $2.15B in 2017 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

September, 2024

About

Overview In September 2024, South Korea exported $228M and imported $228M from Spain, resulting in a negative trade balance of $199k. Between September 2023 and September 2024 the exports of South Korea have decreased by $-18.6M (-7.54%) from $246M to $228M, while imports increased by $50.7M (28.6%) from $177M to $228M.

Trade In September 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 September 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 September 2024, the decrease in South Korea's year-by-year exports to Spain was explained primarily by an decrease in product exports in Iron & steel ($-34.3M or -65.2%), Cars, tractors, trucks & parts thereof. ($-10.9M or -10.7%), and Plastics & articles thereof ($-7.36M or -19.7%). In September 2024, the increase in South Korea's year-by-year imports  from Spain was explained primarily by an increase in product imports  in Precious stones, metals, & pearls ($9.43M or 81.9%), Pharmaceutical products ($7.32M or 53.3%), and Cars, tractors, trucks & parts thereof. ($6.68M or 181%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (September 2023 - September 2024)$-18.6M(-7.54%)
IMPORT GROWTH (September 2023 - September 2024)$50.7M(28.6%)

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

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

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 5 years the exports of South Korea to Spain have increased at an annualized rate of 1.34%, from $3.4B in 2017 to $3.63B in 2022.

In 2017, 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 5 years the exports of Spain to South Korea have increased at an annualized rate of 1.97%, from $2.15B in 2022 to $2.37B in 2017.

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

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

Market Competitiveness

Color
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 2022, countries that imported more from South Korea than Spain included China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2022, countries that imported more from Spain than South Korea included France ($65.2B), Portugal ($34.9B), and Germany ($39.2B).

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

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

During 2017, Spain had a large net trade with South Korea in the exports of Animal Products ($598M), Machines ($341M), and Chemical Products ($318M).

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) (2022)

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