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2022
Flag → Flag
Exports $1.15BRnk 53 / 220
2022
Flag → Flag
Top Product $234MCars
2022
Flag → Flag
Exports $8.21BRnk 4 / 101
2022
Flag → Flag
Top Product $7.35BCrude Petroleum
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI -0.84Rnk 103 / 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$264BCURRENT US$
Rnk 48 / 186
2012-2022
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GDP GROWTH21.2%CURRENT US$
Rnk 118 / 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$5,937CURRENT US$
Rnk 104 / 186
2012-2022
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GDP PC GROWTH-7.77%CURRENT US$
Rnk 158 / 186

About

South Korea-Iraq Trade: In 2022, South Korea exported $1.15B to Iraq. The main products that South Korea exported to Iraq were Cars ($234M), Refined Petroleum ($218M), and Delivery Trucks ($171M). Over the past 5 years the exports of South Korea to Iraq have decreased at an annualized rate of 4.67%, from $1.46B in 2017 to $1.15B in 2022.

In 2022, South Korea did not export any services to Iraq.

Iraq-South Korea Trade: In 2022, Iraq exported $8.21B to South Korea. The main products that Iraq exported to South Korea were Crude Petroleum ($7.35B), Refined Petroleum ($845M), and Special Purpose Ships ($6.29M). Over the past 5 years the exports of Iraq to South Korea have increased at an annualized rate of 7.73%,  from $5.66B in 2017 to $8.21B in 2022.

In 2022, Iraq did not export any services to South Korea.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Iraq ranked 103 in the Economic Complexity Index (ECI -0.84), and 36 in total exports ($123B).

Latest Trends

September, 2024

About

Overview In September 2024, South Korea exported $81.2M and imported $643M from Iraq, resulting in a negative trade balance of $562M. Between September 2023 and September 2024 the exports of South Korea have increased by $10.8M (15.3%) from $70.4M to $81.2M, while imports increased by $3.64M (0.57%) from $639M to $643M.

Trade In September 2024, the top exports of South Korea to Iraq were Cars, tractors, trucks & parts thereof. ($46.8M), Machinery, mechanical appliances, & parts ($17.7M), Electrical machinery and electronics ($10.1M), Iron or steel articles ($5.38M), and Rubber & articles thereof ($4.29M). In September 2024 the top imports of South Korea from Iraq were Mineral fuels, mineral oils and products... ($559M), Aluminum articles ($779k), Optical, photo, & film equipment; medical... ($14k), Preparations of cereals, flour, starch or... ($0), and Beverages, spirits, & vinegar ($0).

Growth In September 2024, the increase in South Korea's year-by-year exports to Iraq was explained primarily by an increase in product exports in Machinery, mechanical appliances, & parts ($8.79M or 98.8%), Electrical machinery and electronics ($6.03M or 149%), and Iron or steel articles ($4.98M or 1.24k%). In September 2024, the increase in South Korea's year-by-year imports  from Iraq was explained primarily by an increase in product imports  in Mineral fuels, mineral oils and products... ($143M or 34.4%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (September 2023 - September 2024)$10.8M(15.3%)
IMPORT GROWTH (September 2023 - September 2024)$3.64M(0.57%)

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

For full datasets download visit Bulk Download page.

Explore Iraq and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $1.15B to Iraq. The main products exported from South Korea to Iraq were Cars ($234M), Refined Petroleum ($218M), and Delivery Trucks ($171M). During the last 5 years the exports of South Korea to Iraq have decreased at an annualized rate of 4.67%, from $1.46B in 2017 to $1.15B in 2022.

In 2017, Iraq exported $8.21B to South Korea. The main products exported from Iraq to South Korea were Crude Petroleum ($7.35B), Refined Petroleum ($845M), and Special Purpose Ships ($6.29M). During the last 5 years the exports of Iraq to South Korea have increased at an annualized rate of 7.73%, from $5.66B in 2022 to $8.21B in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Iraq
Top DestinationIndia$38.8B

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

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

In 2022, countries that imported more from Iraq than South Korea included India ($38.8B), Greece ($6.27B), and Serbia ($1.21B).

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

Comparative Advantage South Korea - Iraq

Flow
Scale

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

During 2022, South Korea had a large net trade with Iraq in the exports of Transportation ($503M), Machines ($231M), and Mineral Products ($218M).

During 2017, Iraq had a large net trade with South Korea in the exports of Mineral Products ($8.2B), Transportation ($6.39M), and Metals ($5.5M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Iraq+$120MRefined Petroleum
Top Product Potential Iraq South Korea+$655MCrude 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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Economic Complexity

Competitive Landscape

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

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

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