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2022
Flag → Flag
Exports $4.87BRnk 26 / 220
2022
Flag → Flag
Top Product $1.26BCars
2022
Flag → Flag
Exports $36BRnk 4 / 138
2022
Flag → Flag
Top Product $32.5BCrude Petroleum
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 0.78Rnk 35 / 133
2022
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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$1.11TCURRENT US$
Rnk 17 / 186
2012-2022
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GDP GROWTH49.4%CURRENT US$
Rnk 62 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$30,436CURRENT US$
Rnk 37 / 186
2012-2022
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GDP PC GROWTH26.5%CURRENT US$
Rnk 71 / 186

About

South Korea-Saudi Arabia Trade: In 2022, South Korea exported $4.87B to Saudi Arabia. The main products that South Korea exported to Saudi Arabia were Cars ($1.26B), Passenger and Cargo Ships ($373M), and Explosive Ammunition ($195M). Over the past 5 years the exports of South Korea to Saudi Arabia have decreased at an annualized rate of 2.39%, from $5.49B in 2017 to $4.87B in 2022.

In 2005, South Korea exported services to Saudi Arabia worth $681M, with Services not allocated ($541M), Transportation ($121M), and Other business services ($14.5M) being the largest in terms of value.

Saudi Arabia-South Korea Trade: In 2022, Saudi Arabia exported $36B to South Korea. The main products that Saudi Arabia exported to South Korea were Crude Petroleum ($32.5B), Refined Petroleum ($1.77B), and Ammonia ($464M). Over the past 5 years the exports of Saudi Arabia to South Korea have increased at an annualized rate of 15.4%,  from $17.6B in 2017 to $36B in 2022.

In 2022, Saudi Arabia 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, Saudi Arabia ranked 35 in the Economic Complexity Index (ECI 0.78), and 23 in total exports ($362B).

Latest Trends

August, 2024

About

Overview In August 2024, South Korea exported $385M and imported $2.56B from Saudi Arabia, resulting in a negative trade balance of $2.18B. Between August 2023 and August 2024 the exports of South Korea have increased by $10.1M (2.68%) from $375M to $385M, while imports decreased by $-111M (-4.15%) from $2.67B to $2.56B.

Trade In August 2024, the top exports of South Korea to Saudi Arabia were Cars, tractors, trucks & parts thereof. ($122M), Machinery, mechanical appliances, & parts ($66.9M), Ships, boats, & floating structures ($41.4M), Electrical machinery and electronics ($27.3M), and Iron & steel ($16.5M). In August 2024 the top imports of South Korea from Saudi Arabia were Mineral fuels, mineral oils and products... ($2.64B), Inorganic chemicals ($39.9M), Organic chemicals ($39.3M), Copper articles ($22.3M), and Aluminum articles ($17.2M).

Growth In August 2024, the increase in South Korea's year-by-year exports to Saudi Arabia was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($51.4M or 72.4%), Iron or steel articles ($9.87M or 219%), and Electrical machinery and electronics ($9M or 49.1%). In August 2024, the decrease in South Korea's year-by-year imports  from Saudi Arabia was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... ($-309M or -10.5%), Inorganic chemicals ($-15.4M or -27.9%), and Copper articles ($-11.4M or -33.8%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)$10.1M(2.68%)
IMPORT GROWTH (August 2023 - August 2024)$-111M(-4.15%)

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 Saudi Arabia and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Saudi Arabia and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $4.87B to Saudi Arabia. The main products exported from South Korea to Saudi Arabia were Cars ($1.26B), Passenger and Cargo Ships ($373M), and Explosive Ammunition ($195M). During the last 5 years the exports of South Korea to Saudi Arabia have decreased at an annualized rate of 2.39%, from $5.49B in 2017 to $4.87B in 2022.

In 2017, Saudi Arabia exported $36B to South Korea. The main products exported from Saudi Arabia to South Korea were Crude Petroleum ($32.5B), Refined Petroleum ($1.77B), and Ammonia ($464M). During the last 5 years the exports of Saudi Arabia to South Korea have increased at an annualized rate of 15.4%, from $17.6B in 2022 to $36B in 2017.

Exports from South Korea (Flag) to Saudi Arabia (Flag) (2022)

Exports from Saudi Arabia (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Saudi Arabia
Top DestinationChina$68B

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

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

In 2022, countries that imported more from Saudi Arabia than South Korea included India ($46.2B), Japan ($36.5B), and Kuwait ($5.91B).

Difference in imports from Saudi Arabia (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Saudi Arabia

Flow
Scale

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

During 2022, South Korea had a large net trade with Saudi Arabia in the exports of Transportation ($1.78B), Machines ($1.21B), and Metals ($499M).

During 2017, Saudi Arabia had a large net trade with South Korea in the exports of Mineral Products ($34.5B), Chemical Products ($925M), and Metals ($461M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Saudi Arabia+$201MCars
Top Product Potential Saudi Arabia South Korea+$845MRefined 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 Saudi Arabia. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Saudi Arabia. Similarly, a dot/product with the flag of Saudi Arabia indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Saudi Arabia (Flag) (2022)

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