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2023
Flag → Flag
Exports $5.62BRnk 23 / 142
2023
Flag → Flag
Top Product $1.61BCars
2023
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Exports $1.17BRnk 35 / 182
2023
Flag → Flag
Top Product $248MAmmonia
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI 0.76Rnk 36 / 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$1.07TCURRENT US$
Rnk 19 / 195
2013-2023
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GDP GROWTH41.6%CURRENT US$
Rnk 90 / 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$32,094CURRENT US$
Rnk 44 / 196
2013-2023
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GDP PC GROWTH17.6%CURRENT US$
Rnk 109 / 195

About

South Korea-Saudi Arabia Trade: In 2023, South Korea exported $5.62B to Saudi Arabia. The main products that South Korea exported to Saudi Arabia were Cars ($1.61B), Electrical Transformers ($323M), and Large Construction Vehicles ($227M). Over the past 5 years the exports of South Korea to Saudi Arabia have increased at an annualized rate of 4.36%, from $4.54B in 2018 to $5.62B in 2023.

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 2023, Saudi Arabia exported $1.17B to South Korea. The main products that Saudi Arabia exported to South Korea were Ammonia ($248M), Scrap Copper ($193M), and Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) ($140M). Over the past 5 years the exports of Saudi Arabia to South Korea have decreased at an annualized rate of 46.4%,  from $26.5B in 2018 to $1.17B in 2023.

In 2023, Saudi Arabia 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, Saudi Arabia ranked 36 in the Economic Complexity Index (ECI 0.76), and 26 in total exports ($300B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $416M and imported $2.68B from Saudi Arabia, resulting in a negative trade balance of $2.27B. Between December 2023 and December 2024 the exports of South Korea have decreased by $-24.6M (-5.59%) from $441M to $416M, while imports decreased by $-301M (-10.1%) from $2.98B to $2.68B.

Trade In December 2024, the top exports of South Korea to Saudi Arabia were Cars, tractors, trucks & parts thereof. ($114M), Machinery, mechanical appliances, & parts ($82.8M), Electrical machinery and electronics ($71.6M), Plastics & articles thereof ($21.2M), and Iron/Steel Articles ($18.9M). In December 2024 the top imports of South Korea from Saudi Arabia were Mineral fuels, mineral oils and products... ($2.54B), Inorganic chemicals ($36M), Organic chemicals ($29.8M), Aluminum articles ($21.8M), and Copper articles ($11.9M).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Saudi Arabia was explained primarily by an decrease in product exports in Cars, tractors, trucks & parts thereof. ($-8.24M or -6.73%), Zinc articles ($-2.74M or -76.4%), and Copper articles ($-2.57M or -48.3%). In December 2024, the decrease in South Korea's year-by-year imports  from Saudi Arabia was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... ($-103M or -3.91%), Copper articles ($-10.4M or -46.7%), and Organic chemicals ($-9.52M or -24.2%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-24.6M(-5.59%)
IMPORT GROWTH (December 2023 - December 2024)$-301M(-10.1%)

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 2023, South Korea exported $5.62B to Saudi Arabia. The main products exported from South Korea to Saudi Arabia were Cars ($1.61B), Electrical Transformers ($323M), and Large Construction Vehicles ($227M). During the last 5 years the exports of South Korea to Saudi Arabia have increased at an annualized rate of 4.36%, from $4.54B in 2018 to $5.62B in 2023.

In 2018, Saudi Arabia exported $1.17B to South Korea. The main products exported from Saudi Arabia to South Korea were Ammonia ($248M), Scrap Copper ($193M), and Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) ($140M). During the last 5 years the exports of Saudi Arabia to South Korea have decreased at an annualized rate of 46.4%, from $26.5B in 2023 to $1.17B in 2018.

Exports from South Korea (Flag) to Saudi Arabia (Flag) (2023)

Exports from Saudi Arabia (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Saudi Arabia
Top DestinationChina$64.4B

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

In 2023, countries that imported more from Saudi Arabia than South Korea included India ($34.8B), United Arab Emirates ($11.5B), and Japan ($34.7B).

Difference in imports from Saudi Arabia (Flag) and South Korea (Flag) (2023)

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 2023, South Korea had a large net trade with Saudi Arabia in the exports of Transportation ($1.99B), Machines ($1.7B), and Metals ($700M).

During 2018, Saudi Arabia had a large net trade with South Korea in the exports of Chemical Products ($658M), Metals ($345M), and Plastics and Rubbers ($138M).

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) (2023)

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