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Pricing

2022
Flag → Flag
Exports $13.4MRnk 164 / 220
2022
Flag → Flag
Top Product $5.37MElectric Batteries
2022
Flag → Flag
Exports $1.68MRnk 16 / 95
2022
Flag → Flag
Top Product $1.07MMolluscs
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP$8.13BCURRENT US$
Rnk 148 / 186
2012-2022
Flag
GDP GROWTH0%CURRENT US$
Rnk 165 / 186
2022
Flag
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$462CURRENT US$
Rnk 183 / 186
2012-2022
Flag
GDP PC GROWTH0%CURRENT US$
Rnk 143 / 186

About

South Korea-Somalia Trade: In 2022, South Korea exported $13.4M to Somalia. The main products that South Korea exported to Somalia were Electric Batteries ($5.37M), Polyacetals ($3.08M), and Other Nitrogen Compounds ($1.38M). Over the past 5 years the exports of South Korea to Somalia have decreased at an annualized rate of 3.85%, from $16.2M in 2017 to $13.4M in 2022.

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

Somalia-South Korea Trade: In 2022, Somalia exported $1.68M to South Korea. The main products that Somalia exported to South Korea were Molluscs ($1.07M), Fish oil ($511k), and Non-fillet Frozen Fish ($96k). Over the past 5 years the exports of Somalia to South Korea have decreased at an annualized rate of 10.7%,  from $2.97M in 2017 to $1.68M in 2022.

In 2022, Somalia 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, Somalia ranked 167 in total exports ($569M), and does not have data regarding Economic Complexity Index.

Latest Trends

August, 2024

About

Overview In August 2024, South Korea exported $1.07M and imported $5k from Somalia, resulting in a positive trade balance of $1.07M. Between August 2023 and August 2024 the exports of South Korea have decreased by $-725k (-40.3%) from $1.8M to $1.07M, while imports increased by $5k (N/A%) from $0 to $5k.

Trade In August 2024, the top exports of South Korea to Somalia were Plastics & articles thereof ($289k), Machinery, mechanical appliances, & parts ($190k), Chemical products n.e.s. ($152k), Organic chemicals ($91k), and Electrical machinery and electronics ($85k). In August 2024 the top imports of South Korea from Somalia were Organic chemicals ($0), Pharmaceutical products ($0), Perfumery & cosmetics ($0), Chemical products n.e.s. ($0), and Plastics & articles thereof ($0).

Growth In August 2024, the decrease in South Korea's year-by-year exports to Somalia was explained primarily by an decrease in product exports in Electrical machinery and electronics ($-328k or -79.4%), Organic chemicals ($-140k or -60.6%), and Chemical products n.e.s. ($-115k or -43.1%). In August 2024, the increase in South Korea's year-by-year imports  from Somalia was explained primarily by an increase in product imports  in .

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)$-725k(-40.3%)
IMPORT GROWTH (August 2023 - August 2024)$5k(N/A%)

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

For full datasets download visit Bulk Download page.

Explore Somalia and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $13.4M to Somalia. The main products exported from South Korea to Somalia were Electric Batteries ($5.37M), Polyacetals ($3.08M), and Other Nitrogen Compounds ($1.38M). During the last 5 years the exports of South Korea to Somalia have decreased at an annualized rate of 3.85%, from $16.2M in 2017 to $13.4M in 2022.

In 2017, Somalia exported $1.68M to South Korea. The main products exported from Somalia to South Korea were Molluscs ($1.07M), Fish oil ($511k), and Non-fillet Frozen Fish ($96k). During the last 5 years the exports of Somalia to South Korea have decreased at an annualized rate of 10.7%, from $2.97M in 2022 to $1.68M in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Somalia
Top DestinationUnited Arab Emirates$283M

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

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

In 2022, no countries were registered that imported more from Somalia than from South Korea.

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

Comparative Advantage South Korea - Somalia

Flow
Scale

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

During 2022, South Korea had a large net trade with Somalia in the exports of Machines ($6.08M), Plastics and Rubbers ($4.48M), and Chemical Products ($1.97M).

During 2017, Somalia had a large net trade with South Korea in the exports of Animal Products ($1.16M), Animal and Vegetable Bi-Products ($511k), and Chemical Products ($6.73k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Somalia+$1.44MCars
Top Product Potential Somalia South Korea+$887kMolluscs

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

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

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