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2023
Flag → Flag
Exports $1.18BRnk 18 / 205
2023
Flag → Flag
Top Product $210MNon-fillet Fresh Fish
2023
Flag → Flag
Exports $729MRnk 50 / 142
2023
Flag → Flag
Top Product $263MCars
2023
Flag
Economic Complexity (ECI) ECI 0.47Rnk 44 / 132
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$485BCURRENT US$
Rnk 31 / 195
2013-2023
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GDP GROWTH-7.74%CURRENT US$
Rnk 180 / 195
2023
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 GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
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GDP PC $87,925CURRENT US$
Rnk 7 / 195
2013-2023
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GDP PC GROWTH-15.1%CURRENT US$
Rnk 171 / 195
2023
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GDP PC$33,121CURRENT US$
Rnk 41 / 196
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195

About

Norway-South Korea Trade: In 2023, Norway exported $1.18B to South Korea. The main products that Norway exported to South Korea were Non-fillet Fresh Fish ($210M), Platinum ($208M), and Fish Fillets ($119M). Over the past 5 years the exports of Norway to South Korea have decreased at an annualized rate of 6.23%, from $1.63B in 2018 to $1.18B in 2023.

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

South Korea-Norway Trade: In 2023, South Korea exported $729M to Norway. The main products that South Korea exported to Norway were Cars ($263M), Large Construction Vehicles ($66.8M), and Beauty Products ($24.9M). Over the past 5 years the exports of South Korea to Norway have decreased at an annualized rate of 11.3%,  from $4.37B in 2018 to $729M in 2023.

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Comparison: In 2023,  Norway ranked 44 in the Economic Complexity Index (ECI 0.47), and 33 in total exports ($187B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Latest Trends

December, 2024

About

Overview In December 2024, Norway exported NOK1.16B and imported NOK612M from South Korea, resulting in a positive trade balance of NOK548M. Between December 2023 and December 2024 the exports of Norway have decreased by NOK-11.2M (-0.95%) from NOK1.17B to NOK1.16B, while imports increased by NOK203M (49.5%) from NOK409M to NOK612M.

Trade In December 2024, the top exports of Norway to South Korea were Fish (not marine mammals), crustaceans, molluscs... (NOK435M), Professional, scientific and controlling instruments and... (NOK131M), Non-ferrous metals (NOK71.5M), General industrial machinery and equipment, n.e.s.,... (NOK69.4M), and Iron and steel (NOK18.7M). In December 2024 the top imports of Norway from South Korea were Machinery specialized for particular industries (NOK106M), Road vehicles (including air-cushion vehicles) (NOK87M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK86.3M), Inorganic chemicals (NOK45.6M), and General industrial machinery and equipment, n.e.s.,... (NOK44.4M).

Growth In December 2024, the decrease in Norway's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Non-ferrous metals (NOK-419M or -85.4%), Animal or vegetable fats and oils,... (NOK-9.45M or -58.9%), and Fish (not marine mammals), crustaceans, molluscs... (NOK-9.41M or -2.12%). In December 2024, the increase in Norway's year-by-year imports  from South Korea was explained primarily by an increase in product imports  in Machinery specialized for particular industries (NOK55.6M or 110%), General industrial machinery and equipment, n.e.s.,... (NOK35.7M or 409%), and Metalworking machinery (NOK29M or 3.59k%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (December 2023 - December 2024)NOK-11.2M(-0.95%)
IMPORT GROWTH (December 2023 - December 2024)NOK203M(49.5%)

This section shows exports and imports data at subnational level for Norway. Click any date in the line plot or any product to explore the exports or imports behavior of Norway over time.

To check South Korea and Norway trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore South Korea and Norway Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Norway exported $1.18B to South Korea. The main products exported from Norway to South Korea were Non-fillet Fresh Fish ($210M), Platinum ($208M), and Fish Fillets ($119M). During the last 5 years the exports of Norway to South Korea have decreased at an annualized rate of 6.23%, from $1.63B in 2018 to $1.18B in 2023.

In 2018, South Korea exported $729M to Norway. The main products exported from South Korea to Norway were Cars ($263M), Large Construction Vehicles ($66.8M), and Beauty Products ($24.9M). During the last 5 years the exports of South Korea to Norway have decreased at an annualized rate of 11.3%, from $4.37B in 2023 to $729M in 2018.

Exports from Norway (Flag) to South Korea (Flag) (2023)

Exports from South Korea (Flag) to Norway (Flag) (2023)

Market Competitiveness

Color
Norway
Top DestinationGermany$33.8B
South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from Norway than South Korea included United Kingdom ($32.6B), Germany ($33.8B), and Sweden ($15.9B).

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

Difference in imports from South Korea (Flag) and Norway (Flag) (2023)

Comparative Advantage Norway - South Korea

Flow
Scale

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

During 2023, Norway had a large net trade with South Korea in the exports of Animal Products ($431M), Precious Metals ($208M), and Machines ($185M).

During 2018, South Korea had a large net trade with Norway in the exports of Transportation ($277M), Machines ($267M), and Chemical Products ($57.7M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Norway South Korea+$329MCrude Petroleum
Top Product Potential South Korea Norway+$104MCars

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

This visualization shows the product space at the HS4 level with the flags of Norway and South Korea. This means that a dot/product with the flag of Norway 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 Norway.

Product Space of Norway (Flag) and South Korea (Flag) (2023)

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