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2023
Flag → Flag
Exports $44.3MRnk 110 / 142
2023
Flag → Flag
Top Product $18.6MCars
2023
Flag → Flag
Exports $271MRnk 5 / 156
2023
Flag → Flag
Top Product $253MRaw Nickel
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag
Economic Complexity (ECI) ECI -1.15Rnk 117 / 132
2023
Flag  
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$15.8BCURRENT US$
Rnk 134 / 195
2013-2023
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GDP GROWTH27.1%CURRENT US$
Rnk 120 / 195
2023
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GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$506CURRENT US$
Rnk 192 / 196
2013-2023
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GDP PC GROWTH-1.77%CURRENT US$
Rnk 155 / 195

About

South Korea-Madagascar Trade: In 2023, South Korea exported $44.3M to Madagascar. The main products that South Korea exported to Madagascar were Cars ($18.6M), Buses ($2.84M), and Ethylene Polymers ($2.38M). Over the past 5 years the exports of South Korea to Madagascar have increased at an annualized rate of 3.01%, from $38.2M in 2018 to $44.3M in 2023.

In 2023, South Korea did not export any services to Madagascar.

Madagascar-South Korea Trade: In 2023, Madagascar exported $271M to South Korea. The main products that Madagascar exported to South Korea were Raw Nickel ($253M), Cobalt ($14.1M), and Vanilla ($897k). Over the past 5 years the exports of Madagascar to South Korea have increased at an annualized rate of 25.2%,  from $87.8M in 2018 to $271M in 2023.

In 2023, Madagascar did not export any services to South Korea.

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Madagascar ranked 117 in the Economic Complexity Index (ECI -1.15), and 133 in total exports ($4.3B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $2.3M and imported $8.71M from Madagascar, resulting in a negative trade balance of $6.41M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-661k (-22.3%) from $2.96M to $2.3M, while imports decreased by $-3.05M (-25.9%) from $11.8M to $8.71M.

Trade In December 2024, the top exports of South Korea to Madagascar were Cars, tractors, trucks & parts thereof. ($2.21M), Plastics & articles thereof ($330k), Beverages, spirits, & vinegar ($91k), Organic chemicals ($78k), and Soap, cleaners, candles, dental, modelling pastes ($67k). In December 2024 the top imports of South Korea from Madagascar were Nickel articles ($780k), Non-knitted clothing accesories ($292k), Straw & esparto manufactures ($93k), Knitted clothing accesories ($74k), and Fish, Crustaceans & Molluscs ($56k).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Madagascar was explained primarily by an decrease in product exports in Machinery, mechanical appliances, & parts ($-425k or -89.7%), Man-made filaments ($-215k or -79%), and Chemical products n.e.s. ($-146k or -98.6%). In December 2024, the decrease in South Korea's year-by-year imports  from Madagascar was explained primarily by an decrease in product imports  in Nickel articles ($-21.1M or -96.4%), Coffee, tea, mate & spices ($-230k or -85.5%), and Non-knitted clothing accesories ($-85k or -22.5%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-661k(-22.3%)
IMPORT GROWTH (December 2023 - December 2024)$-3.05M(-25.9%)

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

For full datasets download visit Bulk Download page.

Explore Madagascar and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $44.3M to Madagascar. The main products exported from South Korea to Madagascar were Cars ($18.6M), Buses ($2.84M), and Ethylene Polymers ($2.38M). During the last 5 years the exports of South Korea to Madagascar have increased at an annualized rate of 3.01%, from $38.2M in 2018 to $44.3M in 2023.

In 2018, Madagascar exported $271M to South Korea. The main products exported from Madagascar to South Korea were Raw Nickel ($253M), Cobalt ($14.1M), and Vanilla ($897k). During the last 5 years the exports of Madagascar to South Korea have increased at an annualized rate of 25.2%, from $87.8M in 2023 to $271M in 2018.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Madagascar
Top DestinationUnited States$669M

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

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

In 2023, countries that imported more from Madagascar than South Korea included Vietnam ($34.3M), Comoros ($7.69M), and Bangladesh ($3.49M).

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

Comparative Advantage South Korea - Madagascar

Flow
Scale

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

During 2023, South Korea had a large net trade with Madagascar in the exports of Transportation ($23.7M), Plastics and Rubbers ($5.2M), and Textiles ($4.9M).

During 2018, Madagascar had a large net trade with South Korea in the exports of Metals ($267M), Vegetable Products ($1.44M), and Foodstuffs ($936k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Madagascar+$6.02MCars
Top Product Potential Madagascar South Korea+$2.59MKnit Sweaters

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

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

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