Rep. of Korea-Norway Bilateral Trade Analysis 2023
Complete trade statistics: $1.18B total volume •Rep. of Korea deficit: $1.18B
Rep. of Korea → Norway
$0
Exports (2023)
Norway → Rep. of Korea
$1.18B
Imports (2023)
Trade Balance
$1.18B
Deficit for Rep. of Korea
Total Trade
$1.18B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Rep. of Korea and Norway. Green line shows exports from Rep. of Korea, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Rep. of Korea-Norway commercial relationship and competitive positioning in global markets.
Rep. of Korea → Norway Exports
Export Market Intelligence
🎯 Strategic Export Focus
Rep. of Korea's export portfolio to Norway demonstrates strategic specialization, with vehicles: with only electric motor for propulsion representing a key competitive advantage in this bilateral market.
Norway → Rep. of Korea Imports
Import Dependency Profile
📦 Import Strategy Analysis
Rep. of Korea's import pattern from Norway reveals significant dependencyin fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Rep. of Korea demonstrates competitive strength in exportingvehicles: with only electric motor for propulsion to Norway, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.18B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Rep. of Korea-Norway Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.18 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Rep. of Korea maintains a deficit of $1.18 billion
- Export Focus: Rep. of Korea's primary exports include vehicles: with only electric motor for propulsion, mechanical shovels, excavators and shovel loaders: with a 360 degree revolving super structure, cosmetic and toilet preparations: n.e.c. in heading no. 3304, for the care of the skin (excluding medicaments, including sunscreen or sun tan preparations)
- Import Dependencies: Key imports from Norway include fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, metals: palladium, unwrought or in powder form, fish fillets: fresh or chilled, salmon, pacific (oncorhynchus nerka, oncorhynchus gorbuscha, oncorhynchus keta, oncorhynchus tschawytscha, oncorhynchus kisutch, oncorhynchus masou and oncorhynchus rhodurus), atlantic (salmo salar), danube (hucho hucho)
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $1.18B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Rep. of Korea leveraging its comparative advantages in vehicles: with only electric motor for propulsion.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Rep. of Korea's specialization in vehicles: with only electric motor for propulsioncomplements Norway's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.18B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.18B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $1.18 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in vehicles: with only electric motor for propulsion and fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Rep. of Korea's trade deficit of $1.18 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Rep. of Korea and Norway represents a total trade volume of $1.18 billion in 2023. This partnership demonstrates an unfavorable trade balance for Rep. of Korea, with imports exceeding exportsby $1.18 billion.
Export Strengths
Rep. of Korea's exports to Norway total $0.00, with competitive advantages in vehicles: with only electric motor for propulsion, representing $258.23M orInfinity% of bilateral exports.
Import Dependencies
Imports from Norway amount to $1.18 billion, highlighting economic interdependence in fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, with Fish: fresh or chilled, Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99 comprising17.8% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Rep. of Korea's strategic sourcing from Norway. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Rep. of Korea and Norway in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023