Russia (RUS) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Russia (RUS) and South Korea (KOR) Trade

2022

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Exports $12.8BRnk 11 / 138

2022

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About

Russia-South Korea Trade: In 2022, Russia exported $12.8B to South Korea. The main products that Russia exported to South Korea were Coal Briquettes ($4.62B), Crude Petroleum ($2.01B), and Refined Petroleum ($1.48B). Over the past 5 years the exports of Russia to South Korea have increased at an annualized rate of 0.28%, from $12.7B in 2017 to $12.8B in 2022.

In 2020, Russia exported services to South Korea worth $506M, with Transportation ($316M), Other business services ($82.6M), and Computer and information services ($41.1M) being the largest in terms of value.

South Korea-Russia Trade: In 2022, South Korea exported $6.33B to Russia. The main products that South Korea exported to Russia were Cars ($894M), Iron Structures ($602M), and Motor vehicles; parts and accessories (8701 to 8705) ($454M). Over the past 5 years the exports of South Korea to Russia have decreased at an annualized rate of 3.28%, from $7.48B in 2017 to $6.33B in 2022.

In 2005, South Korea exported services to Russia worth $465M, with Transportation ($297M), Travel ($86.9M), and Other business services ($45.1M) being the largest in terms of value.

Comparison: In 2022, Russia ranked 47 in the Economic Complexity Index (ECI 0.43), and 12 in total exports ($486B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $1.74B and imported $1.42B from South Korea, resulting in a positive trade balance of $317M. Between January 2021 and January 2022 the exports of Russia have increased by $907M (109%) from $832M to $1.74B, while imports increased by $148M (11.6%) from $1.27B to $1.42B.

Trade In January 2022, the top exports of Russia to South Korea were Crude Petroleum ($388M), Refined Petroleum ($146M), Coal Briquettes ($74.3M), Non-fillet Frozen Fish ($48.8M), and Scrap Iron ($44.7M). In January 2022 the top imports of Russia from South Korea were Passenger and Cargo Ships ($628M), Motor vehicles; parts and accessories (8701... ($140M), Vehicle Bodies (including cabs) for the... ($86.9M), Large Construction Vehicles ($19.9M), and Electrical Lighting and Signalling Equipment ($18.8M).

Origins In January 2022 the exports of Russia were mainly from SAKHALIN REGION ($755M), LENINGRAD REGION ($244M), MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($190M), KEMEROVO REGION ($159M), and ST. PETERSBURG ($107M), while imports destinations were mainly SVERDLOVSK REGION ($353M), CHECHEN REPUBLIC ($306M), KALININGRAD REGION ($172M), ST. PETERSBURG ($170M), and MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($153M).

Growth In January 2022, the increase in Russia's year-by-year exports to South Korea was explained primarily by an increase in product exports in Scrap Iron ($30.7M or 219%), Non-fillet Frozen Fish ($24M or 96.8%), and Crustaceans ($10.4M or 33.3%). In January 2022, the increase in Russia's year-by-year imports from South Korea was explained primarily by an increase in product imports in Passenger and Cargo Ships ($626M or 24.6k%), Motor vehicles; parts and accessories (8701... ($45.3M or 47.7%), and Electric Soldering Equipment ($11M or 192%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (January 2021 - January 2022)$907M(109%)

IMPORT GROWTH (January 2021 - January 2022)$148M(11.6%)

MAIN EXPORTER (January 2022)SAKHALIN REGION$755M

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

To check South Korea and Russia 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

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Russia exported $12.8B to South Korea. The main products exported from Russia to South Korea were Coal Briquettes ($4.62B), Crude Petroleum ($2.01B), and Refined Petroleum ($1.48B). During the last 5 years the exports of Russia to South Korea have increased at an annualized rate of 0.28%, from $12.7B in 2017 to $12.8B in 2022.

In 2017, South Korea exported $6.33B to Russia. The main products exported from South Korea to Russia were Cars ($894M), Iron Structures ($602M), and Motor vehicles; parts and accessories (8701 to 8705) ($454M). During the last 5 years the exports of South Korea to Russia have decreased at an annualized rate of 3.28%, from $7.48B in 2022 to $6.33B in 2017.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Russia
Top DestinationChina$101B

South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from Russia than South Korea included India ($40.4B), Italy ($25.1B), and Turkey ($25.3B).

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

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

Comparative Advantage Russia - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Russia had a large net trade with South Korea in the exports of Mineral Products ($9.49B), Animal Products ($1.01B), and Metals ($885M).

During 2017, South Korea had a large net trade with Russia in the exports of Transportation ($1.6B), Machines ($1.5B), and Metals ($833M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Russia South Korea+$1.53BCrude Petroleum

Top Product Potential South Korea Russia+$265MCars

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

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

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