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Pricing

2022
Flag → Flag
Exports $41.2MRnk 137 / 220
2022
Flag → Flag
Top Product $4.81MCoated Flat-Rolled Iron
2022
Flag → Flag
Exports $12.4MRnk 31 / 126
2022
Flag → Flag
Top Product $4.06MScrap Copper
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
Flag
Economic Complexity (ECI) ECI -0.87Rnk 107 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186

About

South Korea-Venezuela Trade: In 2022, South Korea exported $41.2M to Venezuela. The main products that South Korea exported to Venezuela were Coated Flat-Rolled Iron ($4.81M), Cleaning Products ($2.89M), and Centrifuges ($2.82M). Over the past 5 years the exports of South Korea to Venezuela have decreased at an annualized rate of 4.21%, from $51.1M in 2017 to $41.2M in 2022.

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

Venezuela-South Korea Trade: In 2022, Venezuela exported $12.4M to South Korea. The main products that Venezuela exported to South Korea were Scrap Copper ($4.06M), Non-fillet Frozen Fish ($2.53M), and Scrap Iron ($2.37M). Over the past 5 years the exports of Venezuela to South Korea have decreased at an annualized rate of 3.91%,  from $15.2M in 2017 to $12.4M in 2022.

In 2022, Venezuela 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, Venezuela ranked 107 in the Economic Complexity Index (ECI -0.87), and 132 in total exports ($4.3B).

Latest Trends

August, 2024

About

Overview In August 2024, South Korea exported $3.65M and imported $259k from Venezuela, resulting in a positive trade balance of $3.39M. Between August 2023 and August 2024 the exports of South Korea have decreased by $-1.18M (-24.5%) from $4.83M to $3.65M, while imports decreased by $-195k (-43%) from $454k to $259k.

Trade In August 2024, the top exports of South Korea to Venezuela were Cars, tractors, trucks & parts thereof. ($435k), Plastics & articles thereof ($196k), Soap, cleaners, candles, dental, modelling pastes ($94k), Optical, photo, & film equipment; medical... ($80k), and Iron & steel ($62k). In August 2024 the top imports of South Korea from Venezuela were Fish, crustaceans, & molluscs ($447k), Copper articles ($413k), Ores, slag and ash ($258k), Toys, games, & sports ($6k), and Organic chemicals ($1k).

Growth In August 2024, the decrease in South Korea's year-by-year exports to Venezuela was explained primarily by an decrease in product exports in Iron & steel ($-951k or -93.9%), Plastics & articles thereof ($-646k or -76.7%), and Chemical products n.e.s. ($-194k or -92.4%). In August 2024, the decrease in South Korea's year-by-year imports  from Venezuela was explained primarily by an decrease in product imports  in Organic chemicals ($-11k or -91.7%), Cocoa & cocoa preparations ($-8k or -100%), and Machinery, mechanical appliances, & parts ($-2k or -100%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)$-1.18M(-24.5%)
IMPORT GROWTH (August 2023 - August 2024)$-195k(-43%)

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

For full datasets download visit Bulk Download page.

Explore Venezuela and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $41.2M to Venezuela. The main products exported from South Korea to Venezuela were Coated Flat-Rolled Iron ($4.81M), Cleaning Products ($2.89M), and Centrifuges ($2.82M). During the last 5 years the exports of South Korea to Venezuela have decreased at an annualized rate of 4.21%, from $51.1M in 2017 to $41.2M in 2022.

In 2017, Venezuela exported $12.4M to South Korea. The main products exported from Venezuela to South Korea were Scrap Copper ($4.06M), Non-fillet Frozen Fish ($2.53M), and Scrap Iron ($2.37M). During the last 5 years the exports of Venezuela to South Korea have decreased at an annualized rate of 3.91%, from $15.2M in 2022 to $12.4M in 2017.

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

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

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Venezuela
Top DestinationChina$703M

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

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

In 2022, countries that imported more from Venezuela than South Korea included Montenegro ($75.9M) and Lebanon ($150M).

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

Comparative Advantage South Korea - Venezuela

Flow
Scale

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

During 2022, South Korea had a large net trade with Venezuela in the exports of Machines ($9.39M), Plastics and Rubbers ($8.6M), and Chemical Products ($6.99M).

During 2017, Venezuela had a large net trade with South Korea in the exports of Metals ($8.11M), Animal Products ($2.53M), and Mineral Products ($982k).

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of South Korea and Venezuela. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Venezuela. Similarly, a dot/product with the flag of Venezuela indicates it has a comparative advantage over South Korea.

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

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