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Pricing

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

About

South Korea-Venezuela In 2022, South Korea exported $41.2M to Venezuela. The main products that South Korea exported to Venezuela are Coated Flat-Rolled Iron ($4.81M), Cleaning Products ($2.89M), and Centrifuges ($2.82M). During the last 27 years the exports of South Korea to Venezuela have decreased at an annualized rate of 4.13%, from $129M in 1995 to $41.2M in 2022.

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

Venezuela-South Korea 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). During the last 27 years the exports of Venezuela to South Korea have decreased at an annualized rate of 5.45%, from $56.5M in 1995 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

March, 2024

About

Overview In March 2024, South Korea exported $3.5M and imported $468k from Venezuela, resulting in a positive trade balance of $3.03M. Between March 2023 and March 2024 the exports of South Korea have increased by $1.36M (63.9%) from $2.13M to $3.5M, while imports increased by $322k (221%) from $146k to $468k.

Trade In March 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 March 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 March 2024, the increase in South Korea's year-by-year exports to Venezuela was explained primarily by an increase in product exports in Pharmaceutical products ($43k or 4.3k%), Furniture, bedding, lamps, & prefab buildings ($38k or 475%), and Rubber & articles thereof ($37k or 1.23k%). In March 2024, the increase in South Korea's year-by-year imports  from Venezuela was explained primarily by an increase in product imports  in Copper articles ($182k or 78.8%) and Fish, crustaceans, & molluscs ($168k or 60.2%).

Latest Trade

Flow
Time Scale
Depth
Value
EXPORT GROWTH (March 2023 - March 2024)$1.36M(63.9%)
IMPORT GROWTH (March 2023 - March 2024)$322k(221%)

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.

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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 27 years the exports of South Korea to Venezuela have decreased at an annualized rate of 4.13%, from $129M in 1995 to $41.2M in 2022.

In 2022, 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 27 years the exports of Venezuela to South Korea have decreased at an annualized rate of 5.45%, from $56.5M in 1995 to $12.4M in 2022.

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 2021, countries that imported more from South Korea than Venezuela were China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2021, countries that imported more from Venezuela than South Korea were 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 2022, 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 show the product space at the HS4 level colored from blue to yellow.  This mean that the more blue a dot/product is, the more South Korea has comparative advantage over Venezuela. Similarly, the more yellow a dot/product is, the more Venezuela has comparative advantage over South Korea.

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

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