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Iran, South Korea trade records fall

Business Materials 20 February 2018 14:58 (UTC +04:00)

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%

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