Somalia (SOM) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Somalia-South Korea Trade: In 2022, Somalia exported $1.68M to South Korea. The main products that Somalia exported to South Korea were Molluscs ($1.07M), Fish oil ($511k), and Non-fillet Frozen Fish ($96k). Over the past 5 years the exports of Somalia to South Korea have decreased at an annualized rate of 10.7%, from $2.97M in 2017 to $1.68M in 2022.

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

South Korea-Somalia Trade: In 2022, South Korea exported $13.4M to Somalia. The main products that South Korea exported to Somalia were Electric Batteries ($5.37M), Polyacetals ($3.08M), and Other Nitrogen Compounds ($1.38M). Over the past 5 years the exports of South Korea to Somalia have decreased at an annualized rate of 3.85%, from $16.2M in 2017 to $13.4M in 2022.

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

Comparison In 2022, Somalia ranked 167 in total exports ($569M), and does not have data regarding Economic Complexity Index. 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, Somalia exported $1.68M to South Korea. The main products exported from Somalia to South Korea were Molluscs ($1.07M), Fish oil ($511k), and Non-fillet Frozen Fish ($96k). During the last 5 years the exports of Somalia to South Korea have decreased at an annualized rate of 10.7%, from $2.97M in 2017 to $1.68M in 2022.

In 2017, South Korea exported $13.4M to Somalia. The main products exported from South Korea to Somalia were Electric Batteries ($5.37M), Polyacetals ($3.08M), and Other Nitrogen Compounds ($1.38M). During the last 5 years the exports of South Korea to Somalia have decreased at an annualized rate of 3.85%, from $16.2M in 2022 to $13.4M in 2017.

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

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

Latest Data

Trade between Somalia () and South Korea ()

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Somalia
Top DestinationUnited Arab Emirates$283M

South Korea
Top DestinationChina$150B

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

In 2022, no countries were registered that imported more from Somalia than from South Korea.

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

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

Comparative Advantage Somalia - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Somalia had a large net trade with South Korea in the exports of Animal Products ($1.16M), Animal and Vegetable Bi-Products ($511k), and Chemical Products ($6.73k).

During 2017, South Korea had a large net trade with Somalia in the exports of Machines ($6.08M), Plastics and Rubbers ($4.48M), and Chemical Products ($1.97M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Somalia South Korea+$887kMolluscs

Top Product Potential South Korea Somalia+$1.44MCars

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

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Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Somalia () and South Korea ()

South Korea Exports

Market Competitiveness

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

Comparative Advantage Somalia - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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