2022
Flag  
GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP
$264BCURRENT US$
Rnk 48 / 186
2012-2022
Flag
GDP GROWTH
21.2%CURRENT US$
Rnk 118 / 186
2022
Flag
GDP PC 
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186
2022
Flag
GDP PC
$5,937CURRENT US$
Rnk 104 / 186
2012-2022
Flag
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).

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 Destination
China$150B
Iraq
Top Destination
India$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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