Madagascar (MDG) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Madagascar-South Korea Trade: In 2023, Madagascar exported $271M to South Korea. The main products that Madagascar exported to South Korea were Raw Nickel ($253M), Cobalt ($14.1M), and Vanilla ($897k). Over the past 5 years the exports of Madagascar to South Korea have increased at an annualized rate of 25.2%, from $87.8M in 2018 to $271M in 2023.

In 2023, Madagascar did not export any services to South Korea.

South Korea-Madagascar Trade: In 2023, South Korea exported $44.3M to Madagascar. The main products that South Korea exported to Madagascar were Cars ($18.6M), Buses ($2.84M), and Ethylene Polymers ($2.38M). Over the past 5 years the exports of South Korea to Madagascar have increased at an annualized rate of 3.01%, from $38.2M in 2018 to $44.3M in 2023.

In 2023, South Korea did not export any services to Madagascar.

Comparison: In 2023, Madagascar ranked 117 in the Economic Complexity Index (ECI -1.15), and 133 in total exports ($4.3B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Madagascar exported $271M to South Korea. The main products exported from Madagascar to South Korea were Raw Nickel ($253M), Cobalt ($14.1M), and Vanilla ($897k). During the last 5 years the exports of Madagascar to South Korea have increased at an annualized rate of 25.2%, from $87.8M in 2018 to $271M in 2023.

In 2018, South Korea exported $44.3M to Madagascar. The main products exported from South Korea to Madagascar were Cars ($18.6M), Buses ($2.84M), and Ethylene Polymers ($2.38M). During the last 5 years the exports of South Korea to Madagascar have increased at an annualized rate of 3.01%, from $38.2M in 2023 to $44.3M in 2018.

Exports from Madagascar () to South Korea () (2023)

Exports from South Korea () to Madagascar () (2023)

Latest Data

Trade between Madagascar () and South Korea ()

Madagascar Exports

Date

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Madagascar
Top DestinationUnited States$669M

South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from Madagascar than South Korea included Vietnam ($34.3M), Comoros ($7.69M), and Bangladesh ($3.49M).

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

Difference in imports from South Korea () and Madagascar () (2023)

Comparative Advantage Madagascar - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Madagascar had a large net trade with South Korea in the exports of Metals ($267M), Vegetable Products ($1.44M), and Foodstuffs ($936k).

During 2018, South Korea had a large net trade with Madagascar in the exports of Transportation ($23.7M), Plastics and Rubbers ($5.2M), and Textiles ($4.9M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Madagascar South Korea+$2.59MKnit Sweaters

Top Product Potential South Korea Madagascar+$6.02MCars

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

About

Historical Data

Bilateral Trade by Products

Exports from Madagascar () to South Korea () (2023)

Exports from South Korea () to Madagascar () (2023)

Latest Data

Trade between Madagascar () and South Korea ()

Madagascar Exports

South Korea Exports

Market Competitiveness

Difference in imports from South Korea () and Madagascar () (2023)

Comparative Advantage Madagascar - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Madagascar () and South Korea () (2023)

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