Kazakhstan increases export to South Korea several times

Business Materials 21 February 2018 12:22 (UTC +04:00)

Baku, Azerbaijan, Feb. 21

By Ali Mustafayev – Trend:

Kazakhstan’s export to South Korea increased by more than 5 times, amounting to $1.1 billion in 2017, Energy Prom reported.

The import of Korean goods to Kazakhstan in the mentioned period, in turn, increased by 25.3 percent, to $567.5 million.

The total trade turnover between Kazakhstan and South Korea increased by 2.5 times in 2017, amounting to $1.7 million.

The share of S.Korea in the total commodity turnover of Kazakhstan doubled, amounting to 2.2 percent, with further growth forecasts.

The main Kazakh goods exported to South Korea are oil (2.4 million tons worth $956 million), ferroalloys (87,400 tons worth $138.2 million) and titanium (3,400 tons at $28.1 million).

Kazakhstan mainly imported basically equipment worth $76 million from South Korea.

The countries of the EEU (Eurasian Economic Union) and South Korea may also establish a free trade zone, which would serve as an additional support for trade relations between Korea and Kazakhstan. After signing this agreement, Korea, may become one of Kazakhstan’s key partners.