South Korea (KOR) and South Africa (ZAF) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and South Africa (ZAF) Trade

2022

→

Exports $1.25BRnk 49 / 220

2022

→

About

South Korea-South Africa Trade: In 2022, South Korea exported $1.25B to South Africa. The main products that South Korea exported to South Africa were Cars ($189M), Refined Petroleum ($153M), and Aluminium Plating ($86.6M). Over the past 5 years the exports of South Korea to South Africa have increased at an annualized rate of 3.64%, from $1.04B in 2017 to $1.25B in 2022.

In 2005, South Korea exported services to South Africa worth $94.6M, with Transportation ($80.7M), Travel ($6.9M), and Other business services ($4.1M) being the largest in terms of value.

South Africa-South Korea Trade: In 2022, South Africa exported $2.89B to South Korea. The main products that South Africa exported to South Korea were Coal Briquettes ($1.37B), Iron Ore ($531M), and Platinum ($193M). Over the past 5 years the exports of South Africa to South Korea have increased at an annualized rate of 2.08%, from $2.12B in 2017 to $2.89B in 2022.

In 2022, South Africa 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, South Africa ranked 59 in the Economic Complexity Index (ECI 0.076), and 34 in total exports ($147B).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $64.7M and imported $120M from South Africa, resulting in a negative trade balance of $55.8M. Between July 2023 and July 2024 the exports of South Korea have decreased by $-5.36M (-7.65%) from $70.1M to $64.7M, while imports decreased by $-210M (-63.5%) from $330M to $120M.

Trade In July 2024, the top exports of South Korea to South Africa were Cars, tractors, trucks & parts thereof. ($24.5M), Machinery, mechanical appliances, & parts ($13.1M), Mineral fuels, mineral oils and products... ($7.5M), Plastics & articles thereof ($5.63M), and Aluminum articles ($4.91M). In July 2024 the top imports of South Korea from South Africa were Mineral fuels, mineral oils and products... ($141M), Ores, slag and ash ($57M), Precious stones, metals, & pearls ($33.3M), Cars, tractors, trucks & parts thereof. ($32.3M), and Iron & steel ($11.7M).

Growth In July 2024, the decrease in South Korea's year-by-year exports to South Africa was explained primarily by an decrease in product exports in Mineral fuels, mineral oils and products... ($-20.2M or -72.9%), Plastics & articles thereof ($-4.78M or -45.9%), and Electrical machinery and electronics ($-2.26M or -50%). In July 2024, the decrease in South Korea's year-by-year imports from South Africa was explained primarily by an decrease in product imports in Ores, slag and ash ($-72.1M or -55.9%), Iron & steel ($-24.1M or -67.4%), and Copper articles ($-5.86M or -100%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (July 2023 - July 2024)$-5.36M(-7.65%)

IMPORT GROWTH (July 2023 - July 2024)$-210M(-63.5%)

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

For full datasets download visit Bulk Download page.

Explore South Africa and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $1.25B to South Africa. The main products exported from South Korea to South Africa were Cars ($189M), Refined Petroleum ($153M), and Aluminium Plating ($86.6M). During the last 5 years the exports of South Korea to South Africa have increased at an annualized rate of 3.64%, from $1.04B in 2017 to $1.25B in 2022.

In 2017, South Africa exported $2.89B to South Korea. The main products exported from South Africa to South Korea were Coal Briquettes ($1.37B), Iron Ore ($531M), and Platinum ($193M). During the last 5 years the exports of South Africa to South Korea have increased at an annualized rate of 2.08%, from $2.12B in 2022 to $2.89B in 2017.

Exports from South Korea () to South Africa () (2022)

Exports from South Africa () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

South Africa
Top DestinationChina$23.4B

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

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

In 2022, countries that imported more from South Africa than South Korea included Botswana ($4.74B), Switzerland ($6.43B), and Namibia ($3.3B).

Difference in imports from South Africa () and South Korea () (2022)

Comparative Advantage South Korea - South Africa

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with South Africa in the exports of Transportation ($284M), Machines ($246M), and Mineral Products ($209M).

During 2017, South Africa had a large net trade with South Korea in the exports of Mineral Products ($2.09B), Metals ($245M), and Precious Metals ($193M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential South Korea South Africa+$154MRefined Petroleum

Top Product Potential South Africa South Korea+$104MCoal Briquettes

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

Year

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

Product Space of South Korea () and South Africa () (2022)

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