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Trade between Portugal and South Korea

In 2024, Portugal exported $494 million to South Korea and imported $1.3 billion. Portugal ran a deficit of $764 million with South Korea, compared with a deficit of $332 million in 2019. South Korea was Portugal’s 19th largest trading partner (0.9% of its trade), and Portugal was South Korea’s 59th (0.1%).

Summary

Portugal → South Korea
$494million
South Korea → Portugal
$1.3billion
Portugal’s balance
-$764million

Balance

Portugal’s trade balance with South Korea

Trade between Portugal and South Korea grew 3.5-fold since 1995

USD billions (current). Portugal’s exports and imports; bars: its balance (green surplus, red deficit).

  • Exports 0.5
  • Imports 1.3
  • Balance -0.8

Source: CEPII BACI

Show the numbers
YearExportsImportsTrade balance
1995$43 million$459 million-$416 million
1996$51 million$335 million-$284 million
1997$41 million$285 million-$244 million
1998$14 million$318 million-$304 million
1999$23 million$421 million-$397 million
2000$24 million$429 million-$405 million
2001$23 million$275 million-$253 million
2002$31 million$277 million-$246 million
2003$47 million$265 million-$218 million
2004$66 million$315 million-$249 million
2005$53 million$396 million-$343 million
2006$106 million$398 million-$292 million
2007$201 million$410 million-$209 million
2008$98 million$499 million-$401 million
2009$69 million$507 million-$439 million
2010$88 million$1.1 billion-$1 billion
2011$103 million$748 million-$645 million
2012$161 million$219 million-$59 million
2013$204 million$316 million-$112 million
2014$177 million$490 million-$313 million
2015$200 million$483 million-$283 million
2016$225 million$399 million-$175 million
2017$260 million$458 million-$199 million
2018$309 million$633 million-$324 million
2019$263 million$595 million-$332 million
2020$370 million$663 million-$293 million
2021$415 million$627 million-$211 million
2022$450 million$979 million-$530 million
2023$564 million$1.2 billion-$608 million
2024$494 million$1.3 billion-$764 million

What they sell each other

What Portugal sells to South Korea

The top 10 headings in 2024, with their share of the total.

  1. Vaccines, blood and antisera$128 million · 25.9%
    23 tonnes · South Korea’s sources
  2. New tires$61 million · 12.4%
    9 thousand tonnes · Portugal’s destinations
  3. Sweaters and pullovers$43 million · 8.8%
    183 tonnes
  4. T-shirts$42 million · 8.6%
    203 tonnes
  5. Microchips$16 million · 3.3%
    1 tonne · South Korea’s sources
  6. Tracksuits and swimwear$13 million · 2.7%
    35 tonnes
  7. Other engines and motors$12 million · 2.4%
    599 tonnes
  8. Frozen fish$10 million · 2.1%
    4 thousand tonnes
  9. Leather footwear$10 million · 1.9%
    85 tonnes
  10. Women's suits and dresses$7 million · 1.5%
    34 tonnes

What South Korea sells to Portugal

The top 10 headings in 2024, with their share of the total.

  1. Cargo and cruise ships$370 million · 29.4%
    91 thousand tonnes · South Korea’s destinations
  2. Vaccines, blood and antisera$140 million · 11.1%
    8 tonnes · South Korea’s destinations
  3. Cars$123 million · 9.8%
    9 thousand tonnes · South Korea’s destinations
  4. Hot-rolled flat steel$88 million · 7%
    124 thousand tonnes
  5. Refined petroleum$51 million · 4.1%
    68 thousand tonnes · South Korea’s destinations
  6. Polypropylene$38 million · 3%
    33 thousand tonnes · South Korea’s destinations
  7. Coated flat steel$30 million · 2.4%
    33 thousand tonnes
  8. Polyethylene$26 million · 2.1%
    21 thousand tonnes · South Korea’s destinations
  9. Microchips$26 million · 2%
    10 tonnes · South Korea’s destinations
  10. Air pumps, compressors and fans$23 million · 1.9%
    2 thousand tonnes

How it travels

Estimated sea route from Sines to Busan.

The estimated sea route between Sines and Busan is 13,420 nautical miles (24,854 km) long: ≈ 31–40 days at sea (at 18 and 14 knots).

Because of the 2024 disruptions, traffic is split: 85% via the Cape of Good Hope and the Strait of Malacca and Singapore (13,420 nautical miles); and 15% via the Strait of Gibraltar, the Suez Canal, the Bab-el-Mandeb Strait and the Strait of Malacca and Singapore (9,921 nautical miles).

Sailing estimate without port calls, waiting or transshipment; not a schedule. One main reference port per country: in large countries it does not represent all of its ports.

Split by transport mode

  1. Sea$1.1 billion · 64.7%
  2. Air$618 million · 35.3%

Mode estimated from value per kilo and geography; both directions together.

How much each matters to the other

South Korea was Portugal’s 19th largest trading partner (0.9% of its trade), and Portugal was South Korea’s 59th (0.1%).

South Korea in Portugal’s trade
0.9%
South Korea’s rank among Portugal’s partners
19th
Portugal in South Korea’s trade
0.1%
Portugal’s rank among South Korea’s partners
59th

Compare with

Other partners of Portugal

Other partners of South Korea

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. The sea route comes from our own network derived from World Bank shipping density (not from nautical charts), between one main reference port per country (World Port Index); days are the distance at 14 and 18 knots, without port calls or waiting. Data up to 2024.