Baku, Azerbaijan, March 15
By Gazenfer Hamidov – Trend:
Iran and South Korea’s mutual trade continued to fall during the second month of 2018.
The bilateral trade witnessed a fall by 20.6 percent in January-February 2018 and stood at $1.7 billion, according to the latest data released by the Korean Customs Service.
South Korea exported $551.3 million worth of goods to Iran in the first two months of 2018, which is less by 11.7 percent compared to the same period of 2017.
Meanwhile the country’s imports from Iran hit $1.156 billion in the 2-month period, indicating a fall by 24 percent compared to January-February 2017.
Iran-South Korea trade in 2018 (1,000 USD)
|
Month |
2018 |
2017 |
Export change % |
Import change % |
||||
|
Export |
Import |
Trade balance |
Export |
Import |
Trade balance |
|||
|
1 |
312,666 |
520,048 |
-208,036 |
327,842 |
785,219 |
-457,38 |
-4.83 |
-33.77 |
|
2 |
239,276 |
636,090 |
-396,81 |
296,578 |
740,799 |
-444,22 |
-19.32 |
-14.13 |
|
total |
551,288 |
1,156,138 |
-604,849 |
624,420 |
1526,018 |
-901,598 |
-11.7 |
-24.24 |
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 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.
Iran-South Korea trade in 2017-2016 (1,000 USD)
|
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 |