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2022
Flag → Flag
Exports $944MRnk 57 / 220
2022
Flag → Flag
Top Product $243MRefined Petroleum
2022
Flag → Flag
Exports $1.78BRnk 13 / 166
2022
Flag → Flag
Top Product $1.07BCrude Petroleum
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
Flag
Economic Complexity (ECI) ECI -1.67Rnk 127 / 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$477BCURRENT US$
Rnk 30 / 186
2012-2022
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GDP GROWTH2.89%CURRENT US$
Rnk 159 / 186
2022
Flag
GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
Flag
GDP PC$2,184CURRENT US$
Rnk 146 / 186
2012-2022
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GDP PC GROWTH-19.9%CURRENT US$
Rnk 173 / 186

About

South Korea-Nigeria Trade: In 2022, South Korea exported $944M to Nigeria. The main products that South Korea exported to Nigeria were Refined Petroleum ($243M), Propylene Polymers ($104M), and Ethylene Polymers ($71.8M). Over the past 5 years the exports of South Korea to Nigeria have decreased at an annualized rate of 15.7%, from $2.22B in 2017 to $944M in 2022.

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

Nigeria-South Korea Trade: In 2022, Nigeria exported $1.78B to South Korea. The main products that Nigeria exported to South Korea were Crude Petroleum ($1.07B), Petroleum Gas ($558M), and Scrap Copper ($82.7M). Over the past 5 years the exports of Nigeria to South Korea have increased at an annualized rate of 29.4%,  from $492M in 2017 to $1.78B in 2022.

In 2022, Nigeria 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, Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67), and 51 in total exports ($70.7B).

Latest Trends

September, 2024

About

Overview In September 2024, South Korea exported $52.4M and imported $202M from Nigeria, resulting in a negative trade balance of $150M. Between September 2023 and September 2024 the exports of South Korea have increased by $3.5M (7.16%) from $48.9M to $52.4M, while imports increased by $193M (2.08k%) from $9.28M to $202M.

Trade In September 2024, the top exports of South Korea to Nigeria were Plastics & articles thereof ($17M), Organic chemicals ($5.06M), Aluminum articles ($4.01M), Machinery, mechanical appliances, & parts ($2.85M), and Electrical machinery and electronics ($2.68M). In September 2024 the top imports of South Korea from Nigeria were Mineral fuels, mineral oils and products... ($81.6M), Copper articles ($3.5M), Lead articles ($1.01M), Oils seeds, oleaginous fruits, grains, straw... ($526k), and Wood, wood articles, & charcoal ($328k).

Growth In September 2024, the increase in South Korea's year-by-year exports to Nigeria was explained primarily by an increase in product exports in Organic chemicals ($1.89M or 59.5%), Machinery, mechanical appliances, & parts ($641k or 29.1%), and Cars, tractors, trucks & parts thereof. ($632k or 90.8%). In September 2024, the increase in South Korea's year-by-year imports  from Nigeria was explained primarily by an increase in product imports  in Oils seeds, oleaginous fruits, grains, straw... ($523k or 17.4k%), Precious stones, metals, & pearls ($39k or 3.9k%), and Machinery, mechanical appliances, & parts ($1k or 100%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (September 2023 - September 2024)$3.5M(7.16%)
IMPORT GROWTH (September 2023 - September 2024)$193M(2.08k%)

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

For full datasets download visit Bulk Download page.

Explore Nigeria and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $944M to Nigeria. The main products exported from South Korea to Nigeria were Refined Petroleum ($243M), Propylene Polymers ($104M), and Ethylene Polymers ($71.8M). During the last 5 years the exports of South Korea to Nigeria have decreased at an annualized rate of 15.7%, from $2.22B in 2017 to $944M in 2022.

In 2017, Nigeria exported $1.78B to South Korea. The main products exported from Nigeria to South Korea were Crude Petroleum ($1.07B), Petroleum Gas ($558M), and Scrap Copper ($82.7M). During the last 5 years the exports of Nigeria to South Korea have increased at an annualized rate of 29.4%, from $492M in 2022 to $1.78B in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Nigeria
Top DestinationSpain$9.41B

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

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

In 2022, countries that imported more from Nigeria than South Korea included Spain ($9.41B), Cote d'Ivoire ($1.97B), and Gibraltar ($1.15B).

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

Comparative Advantage South Korea - Nigeria

Flow
Scale

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

During 2022, South Korea had a large net trade with Nigeria in the exports of Plastics and Rubbers ($296M), Mineral Products ($244M), and Metals ($93.7M).

During 2017, Nigeria had a large net trade with South Korea in the exports of Mineral Products ($1.62B), Metals ($143M), and Vegetable Products ($7.52M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Nigeria+$246MRefined Petroleum
Top Product Potential Nigeria South Korea+$1.07BCrude 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 Nigeria. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Nigeria. Similarly, a dot/product with the flag of Nigeria indicates it has a comparative advantage over South Korea.

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

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