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2023
Flag → Flag
Exports $158MRnk 85 / 142
2023
Flag → Flag
Top Product $25.4MFlat Flat-Rolled Steel
2023
Flag → Flag
Exports $35.2MRnk 18 / 149
2023
Flag → Flag
Top Product $27.2MRaw Sugar
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag
Economic Complexity (ECI) ECI -1Rnk 111 / 132
2023
Flag  
GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
Flag
GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
 GDP$17.8BCURRENT US$
Rnk 127 / 195
2013-2023
Flag
GDP GROWTH62.3%CURRENT US$
Rnk 48 / 195
2023
Flag
GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
Flag
GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
Flag
GDP PC$2,613CURRENT US$
Rnk 145 / 196
2013-2023
Flag
GDP PC GROWTH42.4%CURRENT US$
Rnk 58 / 195

About

South Korea-Nicaragua Trade: In 2023, South Korea exported $158M to Nicaragua. The main products that South Korea exported to Nicaragua were Flat Flat-Rolled Steel ($25.4M), Cars ($23.4M), and Refined Petroleum ($22.1M). Over the past 5 years the exports of South Korea to Nicaragua have increased at an annualized rate of 2.18%, from $142M in 2018 to $158M in 2023.

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

Nicaragua-South Korea Trade: In 2023, Nicaragua exported $35.2M to South Korea. The main products that Nicaragua exported to South Korea were Raw Sugar ($27.2M), Coffee ($3.42M), and Scrap Copper ($2.6M). Over the past 5 years the exports of Nicaragua to South Korea have increased at an annualized rate of 7.92%,  from $20.6M in 2018 to $35.2M in 2023.

In 2023, Nicaragua 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, Nicaragua ranked 111 in the Economic Complexity Index (ECI -1), and 110 in total exports ($8.51B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $7.23M and imported $1.39M from Nicaragua, resulting in a positive trade balance of $5.83M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-1.28M (-15.1%) from $8.51M to $7.23M, while imports increased by $1.01M (263%) from $384k to $1.39M.

Trade In December 2024, the top exports of South Korea to Nicaragua were Cars, tractors, trucks & parts thereof. ($3.77M), Machinery, mechanical appliances, & parts ($658k), Knitted fabrics ($452k), Plastics & articles thereof ($425k), and Electrical machinery and electronics ($255k). In December 2024 the top imports of South Korea from Nicaragua were Copper articles ($617k), Tobacco & substitutes ($86k), Knitted clothing accesories ($63k), Non-knitted clothing accesories ($35k), and Aluminum articles ($33k).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Nicaragua was explained primarily by an decrease in product exports in Cars, tractors, trucks & parts thereof. ($-96k or -2.48%), Special woven fabrics and tapestries ($-92k or -33.7%), and Machinery, mechanical appliances, & parts ($-72k or -9.86%). In December 2024, the increase in South Korea's year-by-year imports  from Nicaragua was explained primarily by an increase in product imports  in Copper articles ($477k or 341%) and Tobacco & substitutes ($58k or 207%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-1.28M(-15.1%)
IMPORT GROWTH (December 2023 - December 2024)$1.01M(263%)

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

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $158M to Nicaragua. The main products exported from South Korea to Nicaragua were Flat Flat-Rolled Steel ($25.4M), Cars ($23.4M), and Refined Petroleum ($22.1M). During the last 5 years the exports of South Korea to Nicaragua have increased at an annualized rate of 2.18%, from $142M in 2018 to $158M in 2023.

In 2018, Nicaragua exported $35.2M to South Korea. The main products exported from Nicaragua to South Korea were Raw Sugar ($27.2M), Coffee ($3.42M), and Scrap Copper ($2.6M). During the last 5 years the exports of Nicaragua to South Korea have increased at an annualized rate of 7.92%, from $20.6M in 2023 to $35.2M in 2018.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Nicaragua
Top DestinationUnited States$4.38B

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

In 2023, countries that imported more from Nicaragua than South Korea included El Salvador ($488M), Honduras ($297M), and Haiti ($19M).

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

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 2023, South Korea had a large net trade with Nicaragua in the exports of Transportation ($48M), Metals ($29.4M), and Mineral Products ($22.2M).

During 2018, Nicaragua had a large net trade with South Korea in the exports of Foodstuffs ($27.5M), Vegetable Products ($3.45M), and Metals ($2.74M).

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) (2023)

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