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2023
Flag → Flag
Exports $729MRnk 50 / 142
2023
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Top Product $263MCars
2023
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Exports $1.18BRnk 18 / 205
2023
Flag → Flag
Top Product $210MNon-fillet Fresh Fish
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI 0.47Rnk 44 / 132
2023
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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$485BCURRENT US$
Rnk 31 / 195
2013-2023
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GDP GROWTH-7.74%CURRENT US$
Rnk 180 / 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$87,925CURRENT US$
Rnk 7 / 196
2013-2023
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GDP PC GROWTH-15.1%CURRENT US$
Rnk 171 / 195

About

South Korea-Norway Trade: In 2023, South Korea exported $729M to Norway. The main products that South Korea exported to Norway were Cars ($263M), Large Construction Vehicles ($66.8M), and Beauty Products ($24.9M). Over the past 5 years the exports of South Korea to Norway have decreased at an annualized rate of 30.1%, from $4.37B in 2018 to $729M in 2023.

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Norway-South Korea Trade: In 2023, Norway exported $1.18B to South Korea. The main products that Norway exported to South Korea were Non-fillet Fresh Fish ($210M), Platinum ($208M), and Fish Fillets ($119M). Over the past 5 years the exports of Norway to South Korea have decreased at an annualized rate of 6.23%,  from $1.63B in 2018 to $1.18B in 2023.

In 2023, Norway 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, Norway ranked 44 in the Economic Complexity Index (ECI 0.47), and 33 in total exports ($187B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $70.3M and imported $132M from Norway, resulting in a negative trade balance of $61.5M. Between December 2023 and December 2024 the exports of South Korea have increased by $39.2M (126%) from $31M to $70.3M, while imports increased by $19.4M (17.3%) from $112M to $132M.

Trade In December 2024, the top exports of South Korea to Norway were Cars, tractors, trucks & parts thereof. ($24M), Electrical machinery and electronics ($1.59M), Machinery, mechanical appliances, & parts ($1.44M), Perfumery & cosmetics ($1.11M), and Cermet articles ($1.06M). In December 2024 the top imports of South Korea from Norway were Fish, Crustaceans & Molluscs ($45.7M), Machinery, mechanical appliances, & parts ($14.3M), Optical, photo, & film equipment; medical... ($8.78M), Ores, slag and ash ($5.91M), and Electrical machinery and electronics ($5.76M).

Growth In December 2024, the increase in South Korea's year-by-year exports to Norway was explained primarily by an increase in product exports in Animal or vegetable fats, oils, &... ($391k or 4.89k%), Electrical machinery and electronics ($348k or 28.1%), and Soap, cleaners, candles, dental, modelling pastes ($128k or 113%). In December 2024, the increase in South Korea's year-by-year imports  from Norway was explained primarily by an increase in product imports  in Machinery, mechanical appliances, & parts ($6.08M or 74%), Pharmaceutical products ($2.68M or 929%), and Optical, photo, & film equipment; medical... ($2.14M or 32.2%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$39.2M(126%)
IMPORT GROWTH (December 2023 - December 2024)$19.4M(17.3%)

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

For full datasets download visit Bulk Download page.

Explore Norway and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $729M to Norway. The main products exported from South Korea to Norway were Cars ($263M), Large Construction Vehicles ($66.8M), and Beauty Products ($24.9M). During the last 5 years the exports of South Korea to Norway have decreased at an annualized rate of 30.1%, from $4.37B in 2018 to $729M in 2023.

In 2018, Norway exported $1.18B to South Korea. The main products exported from Norway to South Korea were Non-fillet Fresh Fish ($210M), Platinum ($208M), and Fish Fillets ($119M). During the last 5 years the exports of Norway to South Korea have decreased at an annualized rate of 6.23%, from $1.63B in 2023 to $1.18B in 2018.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Norway
Top DestinationGermany$33.8B

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

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

In 2023, countries that imported more from Norway than South Korea included United Kingdom ($32.6B), Germany ($33.8B), and Sweden ($15.9B).

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

Comparative Advantage South Korea - Norway

Flow
Scale

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

During 2023, South Korea had a large net trade with Norway in the exports of Transportation ($277M), Machines ($267M), and Chemical Products ($57.7M).

During 2018, Norway had a large net trade with South Korea in the exports of Animal Products ($431M), Precious Metals ($208M), and Machines ($185M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Norway+$104MCars
Top Product Potential Norway South Korea+$329MCrude 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 Norway. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Norway. Similarly, a dot/product with the flag of Norway indicates it has a comparative advantage over South Korea.

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

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