South Korea and Saudi Arabia
Oil, construction and technology unite South Korea and Saudi Arabia. Saudi diversification expands industrial and defense opportunities, with projects and contracts requiring their own follow-up.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07Oil, engineering and economic diversification
In the ministerial conversation of December 2025, Korea described Saudi Arabia as its largest crude supplier and one of its key overseas construction partners.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 32,288.1 M USD | 2025 · UN Comtrade / KOR |
| Goods: South Korea to Saudi Arabia | 4,856.35 M USD | 2025 · UN Comtrade / KOR |
| Goods: Saudi Arabia to South Korea | 27,431.75 M USD | 2025 · UN Comtrade / KOR |
| Services trade | ||
| Export share: South Korea to Saudi Arabia | 0.68 % | 2025 · UN Comtrade / KOR |
| Export share: Saudi Arabia to South Korea | ||
| Investment stock: South Korea in Saudi Arabia | ||
| Investment stock: Saudi Arabia in South Korea |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade / KOR · Goods; full year; KOR reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: South Korea to Saudi Arabia
- 2025 · UN Comtrade / KOR · Goods; full year; KOR reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: Saudi Arabia to South Korea
- 2025 · UN Comtrade / KOR · Goods; full year; KOR reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Export share: South Korea to Saudi Arabia
- 2025 · UN Comtrade / KOR · Goods share: KOR exports to the partner / the same reporter's exports to the world, same year.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | South Korea | Saudi Arabia |
|---|---|---|
| Nominal GDP | 1.87 trillion USD2025 · WB | 1.28 trillion USD2025 · WB |
| GDP per capita | 36,226.97 USD2025 · WB | 34,536.66 USD2025 · WB |
| GDP growth | 1.01 %2025 · WB | 4.5 %2025 · WB |
| Policy interest rate | 3 %2026-08-27 · Bank of Korea | 4.5 %2026-09-16 · SAMA |
| Inflation · annual average | 2.12 %Annual average · 2025 · WB | 2.08 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 2.9 %Headline CPI · 2026-09 · year-on-year · Ministry of Data and Statistics | 1.8 %Headline CPI · 2026-08 · year-on-year · SAMA / GASTAT |
| Unemployment | 2.68 %ILO est.2025 · WB | 3.04 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -1.4 %IMF est.2025 · IMF | -5.8 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 52.3 %IMF est.2025 · IMF | 31.7 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 6.57 %2025 · WB | -2.56 %2025 · WB |
| Population | 51,684,5642025 · WB | 36,973,5552025 · WB |
| Area | 100,450 km²2023 · WB | 2,149,690 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- GDP per capita
- Current USD per personSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- GDP growth
- Annual real change (%)South Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- Policy interest rate
- Central bank instrument (%)South Korea: 2026-08-27 · Base Rate · Bank of Korea · Official central-bank decision; not a commercial lending rate or a bill yield.Saudi Arabia: 2026-09-16 · Repo rate; not reverse repo (4.00%) · SAMA · Official central-bank decision; not a commercial lending rate or a bill yield.
- Inflation · annual average
- Average annual change in headline CPI (%)South Korea: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSouth Korea: 2026-09 · National headline CPI, change from the same month of the previous year · Ministry of Data and Statistics · Published: 2026-10-02 · Official monthly data. Not mixed with the annual average. · Alternative official source; verified 2026-10-07Saudi Arabia: 2026-08 · Year-on-year inflation; official SAMA / GASTAT indicator · SAMA / GASTAT · August 2026 indicator verified in SAMA's indexed version. The dynamic homepage does not expose the value in HTML without JavaScript; publication date unavailable. · Alternative official source; verified 2026-10-07
- Unemployment
- % of the labour force; definition used by the stated institutionSouth Korea: 2025 · ILO modelled estimate, % of the labour force · World Bank · ILO est. · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · ILO modelled estimate, % of the labour force · World Bank · ILO est. · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- Budget balance
- General government (% of GDP)South Korea: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Saudi Arabia: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.
- Gross public debt
- General government (% of GDP)South Korea: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Saudi Arabia: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.
- Current account balance
- % of GDPSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- Population
- PeopleSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query. Extrapolated assuming the same growth rate as the previous year.
- Area
- Total area in km²; territorial coverage of the sourceSouth Korea: 2023 · World Bank / FAO · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Saudi Arabia: 2023 · World Bank / FAO · Official World Bank series; latest verified period available for this series in the 2023–2025 query.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
South Korea to Saudi Arabia
| Product or sector | Value / share |
|---|---|
| Land vehicles and components | 1,389.9 M USD2025 · Source |
| Machinery and mechanical appliances | 1,031.1 M USD2025 · Source |
| Electrical and electronic equipment | 679.2 M USD2025 · Source |
| Mineral fuels and oils | 70.7 M USD2025 · Source |
Saudi Arabia to South Korea
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 26,477.7 M USD2025 · Source |
| Machinery and mechanical appliances | 5.3 M USD2025 · Source |
| Electrical and electronic equipment | 1.3 M USD2025 · Source |
| Land vehicles and components | 0.1 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | South Korea to Saudi Arabia | Saudi Arabia to South Korea |
|---|---|---|---|
| 2021 | 27,596 | 3,324.7 | 24,271.3 |
| 2022 | 46,505.4 | 4,865.1 | 41,640.3 |
| 2023 | 38,078.6 | 5,316 | 32,762.5 |
| 2024 | 36,676.3 | 5,226.5 | 31,449.8 |
| 2025 | 32,288.1 | 4,856.3 | 27,431.8 |
Connections between people
The presence of Korean professionals is linked to projects and resident communities. The approximate figure published for 2023 is not extrapolated and does not represent all subsequent trips or work stays. [1] [4]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from South Korea living in Saudi ArabiaKoreans living in Saudi Arabia; MOFA estimate | ≈2400estimate | 2023 · South Korea MOFA |
| Residents from Saudi Arabia living in South Korea | ||
| Study and training: South Korea in Saudi Arabia | ||
| Study and training: Saudi Arabia in South Korea | ||
| Academic stays: South Korea in Saudi Arabia | ||
| Academic stays: Saudi Arabia in South Korea | ||
| Travel: South Korea to Saudi Arabia | ||
| Travel: Saudi Arabia to South Korea |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Residents from South Korea living in Saudi Arabia
- Approximate count published by MOFA, not a census or data updated to 2026. 2023 · South Korea MOFA
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
From energy supplies to a broader partnership
Diplomatic relations began on October 16, 1962. Oil supplies and Korean companies' participation in construction and industry gave the relationship an economic foundation. High-level visits in 2022 and 2023 expanded the agenda toward a future-oriented strategic partnership. The framework provides for investment, technology and capacity development. Saudi Arabia's pursuit of diversification makes Korea relevant as an industrial partner, not just a crude oil buyer. In turn, Korea remains interested in supply continuity and access for its companies to Saudi projects. [1] [2]
Oil, engineering and economic diversification
In the ministerial conversation of December 2025, Korea described Saudi Arabia as its largest crude supplier and one of its key overseas construction partners. Saudi Arabia's diversification vision expands cooperation in manufacturing, infrastructure and technology. Commitments and memoranda from official visits may announce large amounts, but not all are delivered capital or accumulated direct investment. The customs table allows fuels, machinery, electronics and vehicles to be observed without replacing them with announced contracts. Assessing a project requires consideration of financing, local content, permits, scheduling and implementation, as well as the amount announced during a visit. [3] [2]
Professionals and technical cooperation
Business projects connect engineers, workers, specialists and administrations. MOFA published approximately 2,400 Koreans living in Saudi Arabia in 2023; this is an approximate figure for that year, not an updated census of all workers in 2026. Technical cooperation also extends to defense capabilities. During the February 2026 meeting, using Korean technological experience to support Saudi capabilities was discussed. Training programs and travel linked to companies do not equal the total number of students. Keeping those measures separate avoids turning contract size into an assumed number of people. [1] [4]
The scale of the two economies
South Korea's reference nominal GDP is USD 1872.4 billion in 2025, compared with 1276.9 in 2025 for Saudi Arabia. The reference populations are 51.68 million (2025) and 36.97 million (2025), respectively. In the same year, South Korea's nominal GDP was 1.47 times Saudi Arabia's. The figures contextualize market size; they do not in themselves describe well-being, individual wealth or political influence. IMF estimates or demographic extrapolations retain their markings in the table. A ratio is not calculated when the periods do not match. [6] [7]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
Defense research in February 2026
The defense ministers met in Riyadh on 8 February 2026 during World Defense Show. They signed a research and development cooperation memorandum between Korea's defense development agency and Saudi Arabia's Prince Sultan defense studies and research center. The memorandum provides a technological cooperation framework; it does not constitute an arms delivery or mutual defense treaty. The relationship continues to combine energy, business activity and new projects. Trade, population and capital data retain their years, while this institutional collaboration has its own date and requires follow-up on results. [4] [3]
Observed economic exchange
In 2025, recorded goods trade between South Korea and Saudi Arabia totaled 32,288.1 million USD. South Korea's shipments to Saudi Arabia were USD 4856.3 million; shipments in the opposite direction were USD 27,431.8 million. South Korea's shipments to the partner represented 0.68% of its goods exports to the world, using the same year and reporter. A single customs declaration is used for both directions. This annual flow does not include all services activity or subsidiaries' local sales and is not added to accumulated investment capital. [5]
Mobility and communities: documented figures
The published figure for South Korea in Saudi Arabia is ≈2400 residents (2023). Koreans living in Saudi Arabia; MOFA estimate. Approximate count published by MOFA, not a census or data updated to 2026. [1]
Milestones and consequences
- 1962-10-16
Diplomatic relations
Start of formal diplomatic ties. [1]
- 2022-11
Saudi visit to Korea
High-level contacts intensify. [1]
- 2023-10
Korean state visit
New declaration on cooperation and diversification. [2]
- 2025-12-18
Foreign Affairs dialogue
Energy and economic collaboration on the agenda. [3]
- 2026-02-08
Research memorandum
Technological cooperation between defense agencies. [4]
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- South Korea's relationship with Saudi Arabia
South Korea MOFA · Institutional source · Accessed: 2026-10-07
- Bilateral declaration of October 2023
South Korean MOFA · Institutional source · Document: 2023-10-24 · Accessed: 2026-10-07
- Ministerial conversation of December 2025
South Korea MOFA · Institutional source · Document: 2025-12-18 · Accessed: 2026-10-07
- Defense research cooperation
Government of South Korea / Korea.net · Institutional source · Document: 2026-02-09 · Accessed: 2026-10-07
- Annual TOTAL X/M; 2025; reporter 410; partners 0,682
UN Comtrade / KOR · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- HS2 27; 2025; reporter 410; partners 682; X/M; annual goods
UN Comtrade / KOR · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 410; partners 682; X/M; annual goods
UN Comtrade / KOR · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 410; partners 682; X/M; annual goods
UN Comtrade / KOR · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 410; partners 682; X/M; annual goods
UN Comtrade / KOR · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / KOR
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 410; partners 682; X/M; annual goods.
- UN Comtrade / KOR
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 410; partners 682; X/M; annual goods.
- UN Comtrade / KOR
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 410; partners 682; X/M; annual goods.
- UN Comtrade / KOR
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 410; partners 682; X/M; annual goods.