Iraq (IRQ) and South Korea (KOR) Trade | The Observatory of Economic Complexity

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Iraq-South Korea Trade: In 2022, Iraq exported $8.21B to South Korea. The main products that Iraq exported to South Korea were Crude Petroleum ($7.35B), Refined Petroleum ($845M), and Special Purpose Ships ($6.29M). Over the past 5 years the exports of Iraq to South Korea have increased at an annualized rate of 7.73%, from $5.66B in 2017 to $8.21B in 2022.

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

South Korea-Iraq Trade: In 2022, South Korea exported $1.15B to Iraq. The main products that South Korea exported to Iraq were Cars ($234M), Refined Petroleum ($218M), and Delivery Trucks ($171M). Over the past 5 years the exports of South Korea to Iraq have decreased at an annualized rate of 4.67%, from $1.46B in 2017 to $1.15B in 2022.

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

Comparison: In 2022, Iraq ranked 103 in the Economic Complexity Index (ECI -0.84), and 36 in total exports ($123B). 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, Iraq exported $8.21B to South Korea. The main products exported from Iraq to South Korea were Crude Petroleum ($7.35B), Refined Petroleum ($845M), and Special Purpose Ships ($6.29M). During the last 5 years the exports of Iraq to South Korea have increased at an annualized rate of 7.73%, from $5.66B in 2017 to $8.21B in 2022.

In 2017, South Korea exported $1.15B to Iraq. The main products exported from South Korea to Iraq were Cars ($234M), Refined Petroleum ($218M), and Delivery Trucks ($171M). During the last 5 years the exports of South Korea to Iraq have decreased at an annualized rate of 4.67%, from $1.46B in 2022 to $1.15B in 2017.

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

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

Latest Data

Trade between Iraq () and South Korea ()

South Korea Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iraq
Top DestinationIndia$38.8B

South Korea
Top DestinationChina$150B

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

In 2022, countries that imported more from Iraq than South Korea included India ($38.8B), Greece ($6.27B), and Serbia ($1.21B).

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

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

Comparative Advantage Iraq - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Iraq had a large net trade with South Korea in the exports of Mineral Products ($8.2B), Transportation ($6.39M), and Metals ($5.5M).

During 2017, South Korea had a large net trade with Iraq in the exports of Transportation ($503M), Machines ($231M), and Mineral Products ($218M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Iraq South Korea+$655MCrude Petroleum

Top Product Potential South Korea Iraq+$120MRefined Petroleum

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

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Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Iraq () and South Korea ()

South Korea Exports

Market Competitiveness

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

Comparative Advantage Iraq - South Korea

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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