Nicaragua (NIC) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Nicaragua-South Korea Trade: In 2022, Nicaragua exported $56.6M to South Korea. The main products that Nicaragua exported to South Korea were Raw Sugar ($49.6M), Coffee ($2.57M), and Scrap Copper ($1.44M). Over the past 5 years the exports of Nicaragua to South Korea have increased at an annualized rate of 38.1%, from $11.3M in 2017 to $56.6M in 2022.

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

South Korea-Nicaragua Trade: In 2022, South Korea exported $116M to Nicaragua. The main products that South Korea exported to Nicaragua were Flat Flat-Rolled Steel ($14.8M), Cars ($14.4M), and Delivery Trucks ($11.1M). Over the past 5 years the exports of South Korea to Nicaragua have decreased at an annualized rate of 2.39%, from $131M in 2017 to $116M in 2022.

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

Comparison: In 2022, Nicaragua ranked 110 in the Economic Complexity Index (ECI -0.97), and 111 in total exports ($7.92B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Nicaragua exported $56.6M to South Korea. The main products exported from Nicaragua to South Korea were Raw Sugar ($49.6M), Coffee ($2.57M), and Scrap Copper ($1.44M). During the last 5 years the exports of Nicaragua to South Korea have increased at an annualized rate of 38.1%, from $11.3M in 2017 to $56.6M in 2022.

In 2017, South Korea exported $116M to Nicaragua. The main products exported from South Korea to Nicaragua were Flat Flat-Rolled Steel ($14.8M), Cars ($14.4M), and Delivery Trucks ($11.1M). During the last 5 years the exports of South Korea to Nicaragua have decreased at an annualized rate of 2.39%, from $131M in 2022 to $116M in 2017.

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

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

Latest Data

Trade between Nicaragua () and South Korea ()

Nicaragua Exports

Date

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Nicaragua
Top DestinationUnited States$4.09B

South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from Nicaragua than South Korea included Honduras ($541M), El Salvador ($437M), and North Korea ($36.2k).

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

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

Comparative Advantage Nicaragua - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Nicaragua had a large net trade with South Korea in the exports of Foodstuffs ($49.8M), Metals ($2.65M), and Vegetable Products ($2.62M).

During 2017, South Korea had a large net trade with Nicaragua in the exports of Transportation ($29.5M), Textiles ($22.5M), and Metals ($21.4M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Nicaragua South Korea+$4.75MCoffee

Top Product Potential South Korea Nicaragua+$6.96MCars

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 Nicaragua and South Korea. This means that a dot/product with the flag of Nicaragua 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 Nicaragua.

About

Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Nicaragua () and South Korea ()

Nicaragua Exports

South Korea Exports

Market Competitiveness

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

Comparative Advantage Nicaragua - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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