Uruguay (URY) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Uruguay-South Korea Trade: In 2023, Uruguay exported $13.4M to South Korea. The main products that Uruguay exported to South Korea were Frozen Bovine Meat ($4.21M), Other Prepared Meat ($2.76M), and Sawn Wood ($2.4M). Over the past 5 years the exports of Uruguay to South Korea have decreased at an annualized rate of 37%, from $135M in 2018 to $13.4M in 2023.

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

South Korea-Uruguay Trade: In 2023, South Korea exported $93.7M to Uruguay. The main products that South Korea exported to Uruguay were Motor vehicles; parts and accessories (8701 to 8705) ($27.4M), Cars ($9.92M), and Large Construction Vehicles ($7.27M). Over the past 5 years the exports of South Korea to Uruguay have decreased at an annualized rate of 1.98%, from $104M in 2018 to $93.7M in 2023.

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

Comparison: In 2023, Uruguay ranked 52 in the Economic Complexity Index (ECI 0.22), and 100 in total exports ($11B). 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, Uruguay exported $13.4M to South Korea. The main products exported from Uruguay to South Korea were Frozen Bovine Meat ($4.21M), Other Prepared Meat ($2.76M), and Sawn Wood ($2.4M). During the last 5 years the exports of Uruguay to South Korea have decreased at an annualized rate of 37%, from $135M in 2018 to $13.4M in 2023.

In 2018, South Korea exported $93.7M to Uruguay. The main products exported from South Korea to Uruguay were Motor vehicles; parts and accessories (8701 to 8705) ($27.4M), Cars ($9.92M), and Large Construction Vehicles ($7.27M). During the last 5 years the exports of South Korea to Uruguay have decreased at an annualized rate of 1.98%, from $104M in 2023 to $93.7M in 2018.

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

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

Latest Data

Trade between Uruguay () and South Korea ()

Uruguay Exports

Date

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Uruguay
Top DestinationChina$2.34B

South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from Uruguay than South Korea included Algeria ($121M), Russia ($63.2M), and Venezuela ($52.6M).

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

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

Comparative Advantage Uruguay - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Uruguay had a large net trade with South Korea in the exports of Animal Products ($7.32M), Foodstuffs ($2.77M), and Wood Products ($2.5M).

During 2018, South Korea had a large net trade with Uruguay in the exports of Transportation ($42.9M), Machines ($20.8M), and Chemical Products ($10.4M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Uruguay South Korea+$14.2MCrude Petroleum

Top Product Potential South Korea Uruguay+$12.4MCars

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

About

Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Uruguay () and South Korea ()

Uruguay Exports

South Korea Exports

Market Competitiveness

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

Comparative Advantage Uruguay - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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