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Pricing

2022
Flag → Flag
Exports $116MRnk 110 / 220
2022
Flag → Flag
Top Product $14.8MFlat Flat-Rolled Steel
2022
Flag → Flag
Exports $56.6MRnk 14 / 148
2022
Flag → Flag
Top Product $49.6MRaw Sugar
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
Flag
Economic Complexity (ECI) ECI -0.97Rnk 110 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP$15.7BCURRENT US$
Rnk 129 / 186
2012-2022
Flag
GDP GROWTH48.8%CURRENT US$
Rnk 66 / 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$2,255CURRENT US$
Rnk 142 / 186
2012-2022
Flag
GDP PC GROWTH29.1%CURRENT US$
Rnk 66 / 186

About

South Korea-Nicaragua Trade: In 2022, South Korea exported $116M to Nicaragua. The main products that South Korea exported to Nicaragua were Flat Flat-Rolled Steel ($14.8M), Cars ($14.4M), and Delivery Trucks ($11.1M). Over the past 5 years the exports of South Korea to Nicaragua have decreased at an annualized rate of 2.39%, from $131M in 2017 to $116M in 2022.

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

Nicaragua-South Korea Trade: In 2022, Nicaragua exported $56.6M to South Korea. The main products that Nicaragua exported to South Korea were Raw Sugar ($49.6M), Coffee ($2.57M), and Scrap Copper ($1.44M). Over the past 5 years the exports of Nicaragua to South Korea have increased at an annualized rate of 38.1%,  from $11.3M in 2017 to $56.6M in 2022.

In 2022, Nicaragua 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, Nicaragua ranked 110 in the Economic Complexity Index (ECI -0.97), and 111 in total exports ($7.92B).

Latest Trends

October, 2024

About

Overview In October 2024, South Korea exported $9.13M and imported $2.77M from Nicaragua, resulting in a positive trade balance of $6.36M. Between October 2023 and October 2024 the exports of South Korea have increased by $4.55M (99.5%) from $4.58M to $9.13M, while imports increased by $1.23M (79.8%) from $1.54M to $2.77M.

Trade In October 2024, the top exports of South Korea to Nicaragua were Cars, tractors, trucks & parts thereof. ($3.87M), Machinery, mechanical appliances, & parts ($730k), Plastics & articles thereof ($375k), Special woven fabrics and tapestries ($273k), and Pharmaceutical products ($242k). In October 2024 the top imports of South Korea from Nicaragua were Non-knitted clothing accesories ($420k), Iron & steel ($142k), Copper articles ($140k), Knitted clothing accesories ($78k), and Tobacco & substitutes ($28k).

Growth In October 2024, the increase in South Korea's year-by-year exports to Nicaragua was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($1.02M or 36%), Optical, photo, & film equipment; medical... ($77k or 7.7k%), and Inorganic chemicals ($60k or 6k%). In October 2024, the increase in South Korea's year-by-year imports  from Nicaragua was explained primarily by an increase in product imports  in Non-knitted clothing accesories ($263k or 168%), Tobacco & substitutes ($16k or 133%), and Live trees, plants, bulbs, cut flowers,... ($3k or 50%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)$4.55M(99.5%)
IMPORT GROWTH (October 2023 - October 2024)$1.23M(79.8%)

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

For full datasets download visit Bulk Download page.

Explore Nicaragua and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $116M to Nicaragua. The main products exported from South Korea to Nicaragua were Flat Flat-Rolled Steel ($14.8M), Cars ($14.4M), and Delivery Trucks ($11.1M). During the last 5 years the exports of South Korea to Nicaragua have decreased at an annualized rate of 2.39%, from $131M in 2017 to $116M in 2022.

In 2017, Nicaragua exported $56.6M to South Korea. The main products exported from Nicaragua to South Korea were Raw Sugar ($49.6M), Coffee ($2.57M), and Scrap Copper ($1.44M). During the last 5 years the exports of Nicaragua to South Korea have increased at an annualized rate of 38.1%, from $11.3M in 2022 to $56.6M in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Nicaragua
Top DestinationUnited States$4.09B

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

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

In 2022, countries that imported more from Nicaragua than South Korea included Honduras ($541M), El Salvador ($437M), and North Korea ($36.2k).

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

Comparative Advantage South Korea - Nicaragua

Flow
Scale

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

During 2022, South Korea had a large net trade with Nicaragua in the exports of Transportation ($29.5M), Textiles ($22.5M), and Metals ($21.4M).

During 2017, Nicaragua had a large net trade with South Korea in the exports of Foodstuffs ($49.8M), Metals ($2.65M), and Vegetable Products ($2.62M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Nicaragua+$6.96MCars
Top Product Potential Nicaragua South Korea+$4.75MCoffee

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

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

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