PremiumIran’s business with South Korea registers decline

Baku, Azerbaijan, August 21

By Umid Niayesh - Trend:

The South Korea-Iran trade turnover amounted to $5.835 billion in January-July 2018, 16.8 percent less year-on-year, according to the latest data released by the Korean Customs Service.

The negative balance of South Korea in trade with Iran amounted to $1.95 billion during the first seven months of 2018.

South Korea exported $1.94 billion worth of goods to Iran in the 7-month period, which is less by 16 percent compared to the same period of 2017.

Meanwhile, the country’s imports from Iran hit $3.9 billion in the same span of time, indicating a fall by 17 percent compared to January-July 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.

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

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.

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