PremiumSouth Korea experiences huge negative balance in trade with Iran

Baku, Azerbaijan, April 14

By Gazenfer Hamidov – Trend:

South Korea experienced a huge negative balance in its trade with Iran during the first quarter of the current year.

The two countries' mutual trade continued to fall during the third month of 2018.

The bilateral trade witnessed a fall by 20.4 percent in January-March 2018 and stood at $2.77 billion, according to the latest data released by the Korean Customs Service.

South Korea exported $863 million worth of goods to Iran in the first quarter of 2018, which is less by 7 percent compared to the same period of 2017.

Meanwhile, the country’s imports from Iran hit $1.9 billion in the 3-month period, indicating a fall by 25 percent compared to January-March 2017.

Iran-South Korea trade in 2017-2018 (1,000 USD)

The trade fall between the two countries comes after a huge rise in 2017. The Iran-South Korea trade volume hit $12 billion last year, witnessing a rise by 43.6 percent compared to 2016.

South Korea imported $7.99 billion worth of commodities, including oil, from Iran in January-December 2017, which is more by 58 percent compared to the same period of 2016.

The country also exported $4 billion worth of goods to the Islamic Republic in the 12-month period, registering a 92 percent rise compared to 2016.

Iran-South Korea trade in 2016-2017 (1,000 USD)