Baku, Azerbaijan, Feb. 20
By Gazenfer Hamidov – Trend:
Iran and South Korea started 2018 with a significant fall in their bilateral trade.
The bilateral trade witnessed a fall by 25.6 percent in January 2018 and stood at $827.714 million, according to the latest data released by the Korean Customs Service.
South Korea exported $307.6 million worth of goods to Iran in January 2018, which is less by 6 percent compared to the same period of 2017.
Meanwhile the country’s imports from Iran hit $520 million in the one-month period, indicating a fall by 33 percent compared to January 2017.
Iran-South Korea trade in January (1,000 USD)
2018 |
2017 |
Export change % |
Import change % |
||||
Export |
Import |
Trade balance |
Export |
Import |
Trade balance |
||
307,666 |
520,048 |
-212,382 |
327,842 |
785,219 |
-457,377 |
-6.15% |
-33.77% |
The trade fall between the two countries comes after experiencing 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 2017.
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 (1,000 USD)
Month |
2017 |
2016 |
Growth rate % |
|||
Export |
Import |
Export |
Import |
Export |
Import |
|
Total |
4,021,060 |
7,989,300 |
3,716,566 |
4,647,659 |
92.43% |
58.17% |
01 |
327,842 |
785,219 |
163,519 |
216,574 |
100.49% |
262.56% |
02 |
296,578 |
740,799 |
233,082 |
224,097 |
27.24% |
230.57% |
03 |
301,688 |
1,023,745 |
260,603 |
235,524 |
15.77% |
334.67% |
04 |
371,711 |
610,414 |
192,006 |
250,526 |
93.59% |
143.65% |
05 |
370,263 |
450,133 |
295,772 |
388,598 |
25.19% |
15.84% |
06 |
366,342 |
491,416 |
382,002 |
376,659 |
-4.1% |
30.47% |
07 |
288,205 |
578,851 |
375,916 |
424,246 |
-23.33% |
36.44% |
08 |
335,607 |
626,615 |
317,842 |
392,619 |
5.59% |
59.6% |
09 |
390,707 |
778,877 |
347,520 |
537,774 |
12.43% |
44.83% |
10 |
267,212 |
731,976 |
431,117 |
319,021 |
-38.02% |
129.44% |
11 |
324,240 |
615,010 |
319,088 |
695,622 |
1.61% |
-11.59% |
12 |
380,662 |
556,239 |
398,094 |
586,392 |
-4.38% |
-5.14% |