South Korea (KOR) and North Macedonia (MKD) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and North Macedonia (MKD) Trade

2022

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Exports $46.3MRnk 133 / 220

2022

→

About

South Korea-North Macedonia Trade: In 2022, South Korea exported $46.3M to North Macedonia. The main products that South Korea exported to North Macedonia were Aluminium Bars ($9.75M), Cars ($3.88M), and Plastic Coated Textile Fabric ($3.85M). Over the past 5 years the exports of South Korea to North Macedonia have increased at an annualized rate of 5.25%, from $35.9M in 2017 to $46.3M in 2022.

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

North Macedonia-South Korea Trade: In 2022, North Macedonia exported $5.48M to South Korea. The main products that North Macedonia exported to South Korea were Machinery Having Individual Functions ($1.78M), Raw Tobacco ($1.24M), and Other Heating Machinery ($476k). Over the past 5 years the exports of North Macedonia to South Korea have increased at an annualized rate of 16.3%, from $2.57M in 2017 to $5.48M in 2022.

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

Comparison: In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, North Macedonia ranked 52 in the Economic Complexity Index (ECI 0.25), and 105 in total exports ($9.52B).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $947k and imported $482k from North Macedonia, resulting in a positive trade balance of $465k. Between July 2023 and July 2024 the exports of South Korea have decreased by $-106k (-10.1%) from $1.05M to $947k, while imports decreased by $-762k (-61.3%) from $1.24M to $482k.

Trade In July 2024, the top exports of South Korea to North Macedonia were Aluminum articles ($744k), Plastics & articles thereof ($68k), Cars, tractors, trucks & parts thereof. ($49k), Perfumery & cosmetics ($33k), and Optical, photo, & film equipment; medical... ($28k). In July 2024 the top imports of South Korea from North Macedonia were Tobacco & substitutes ($114k), Electrical machinery and electronics ($108k), Miscellaneous edible preparations ($17k), Knitted clothing accesories ($13k), and Non-knitted clothing accesories ($2k).

Growth In July 2024, the decrease in South Korea's year-by-year exports to North Macedonia was explained primarily by an decrease in product exports in Aluminum articles ($-188k or -20.2%), Optical, photo, & film equipment; medical... ($-58k or -67.4%), and Chemical products n.e.s. ($-42k or -70%). In July 2024, the decrease in South Korea's year-by-year imports from North Macedonia was explained primarily by an decrease in product imports in Optical, photo, & film equipment; medical... ($-38k or -100%), Machinery, mechanical appliances, & parts ($-16k or -94.1%), and Knitted clothing accesories ($-6k or -31.6%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (July 2023 - July 2024)$-106k(-10.1%)

IMPORT GROWTH (July 2023 - July 2024)$-762k(-61.3%)

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

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

For full datasets download visit Bulk Download page.

Explore North Macedonia and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $46.3M to North Macedonia. The main products exported from South Korea to North Macedonia were Aluminium Bars ($9.75M), Cars ($3.88M), and Plastic Coated Textile Fabric ($3.85M). During the last 5 years the exports of South Korea to North Macedonia have increased at an annualized rate of 5.25%, from $35.9M in 2017 to $46.3M in 2022.

In 2017, North Macedonia exported $5.48M to South Korea. The main products exported from North Macedonia to South Korea were Machinery Having Individual Functions ($1.78M), Raw Tobacco ($1.24M), and Other Heating Machinery ($476k). During the last 5 years the exports of North Macedonia to South Korea have increased at an annualized rate of 16.3%, from $2.57M in 2022 to $5.48M in 2017.

Exports from South Korea () to North Macedonia () (2022)

Exports from North Macedonia () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

North Macedonia
Top DestinationGermany$3.96B

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

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

In 2022, countries that imported more from North Macedonia than South Korea included Serbia ($800M), Bulgaria ($443M), and Albania ($115M).

Difference in imports from North Macedonia () and South Korea () (2022)

Comparative Advantage South Korea - North Macedonia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with North Macedonia in the exports of Machines ($13.5M), Metals ($11M), and Textiles ($7.38M).

During 2017, North Macedonia had a large net trade with South Korea in the exports of Machines ($2.9M), Foodstuffs ($1.54M), and Textiles ($461k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential South Korea North Macedonia+$5.07MCars

Top Product Potential North Macedonia South Korea+$959kMachinery Having Individual Functions

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 South Korea and North Macedonia. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over North Macedonia. Similarly, a dot/product with the flag of North Macedonia indicates it has a comparative advantage over South Korea.

Product Space of South Korea () and North Macedonia () (2022)

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