2022
Flag  
GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP
$579BCURRENT US$
Rnk 24 / 186
2012-2022
Flag
GDP GROWTH
13%CURRENT US$
Rnk 141 / 186
2022
Flag
GDP PC 
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC
$106,149CURRENT US$
Rnk 3 / 186
2012-2022
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GDP PC GROWTH
3.89%CURRENT US$
Rnk 131 / 186

About

South Korea-Norway Trade: In 2022, South Korea exported $1.14B to Norway. The main products that South Korea exported to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). Over the past 5 years the exports of South Korea to Norway have decreased at an annualized rate of 26%, from $5.15B in 2017 to $1.14B in 2022.

In 2005, South Korea exported services to Norway worth $131M, with Transportation ($74.4M), Other business services ($26.6M), and Travel ($14.6M) being the largest in terms of value.

Norway-South Korea Trade: In 2022, Norway exported $1.72B to South Korea. The main products that Norway exported to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). Over the past 5 years the exports of Norway to South Korea have increased at an annualized rate of 9.77%,  from $1.08B in 2017 to $1.72B in 2022.

In 2022, Norway 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, Norway ranked 43 in the Economic Complexity Index (ECI 0.54), and 28 in total exports ($285B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $1.14B to Norway. The main products exported from South Korea to Norway were Passenger and Cargo Ships ($365M), Cars ($364M), and Other Plastic Products ($102M). During the last 5 years the exports of South Korea to Norway have decreased at an annualized rate of 26%, from $5.15B in 2017 to $1.14B in 2022.

In 2017, Norway exported $1.72B to South Korea. The main products exported from Norway to South Korea were Crude Petroleum ($319M), Non-fillet Fresh Fish ($244M), and Platinum ($215M). During the last 5 years the exports of Norway to South Korea have increased at an annualized rate of 9.77%, from $1.08B in 2022 to $1.72B in 2017.

Exports from South Korea (Flag) to Norway (Flag) (2022)

Exports from Norway (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top Destination
China$150B
Norway
Top Destination
Germany$78.1B

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

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

In 2022, countries that imported more from Norway than South Korea included Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

Difference in imports from Norway (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Norway

Flow
Scale

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

During 2022, South Korea had a large net trade with Norway in the exports of Transportation ($736M), Machines ($147M), and Plastics and Rubbers ($125M).

During 2017, Norway had a large net trade with South Korea in the exports of Animal Products ($481M), Mineral Products ($415M), and Precious Metals ($215M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Norway+$104MCars
Top Product Potential Norway South Korea+$329MCrude 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

This visualization shows the product space at the HS4 level with the flags of South Korea and Norway. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Norway. Similarly, a dot/product with the flag of Norway indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Norway (Flag) (2022)

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