Iran, South Korea trade records fall

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)

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)