Baku, Azerbaijan, May 16
By Umid Niayesh - Trend:
The South Korea-Iran trade turnover experienced a fall by 18 percent during the current year, according to the latest data released by the Korean Customs Service.
The two countries' mutual trade accounted to $3.67 billion in January-April 2018 compared to $4.46 billion of business turnover in the first four months of 2017.
The Asian country witnessed a huge negative balance of $1.47 billion in its trade with Iran during the period.
South Korea exported $1.1 billion worth of goods to Iran in the four-month period, which is less by 15 percent compared to the same period of 2017.
Meanwhile, the country’s imports from Iran hit $2.57 billion in the same span of time, indicating a fall by 19 percent compared to January-April 2017.
Iran-South Korea trade in 2017-2018 (1,000 USD)
|
Month |
2018 |
2017 |
Export change % |
Import change % |
||||
|
Export |
Import |
Trade balance |
Export |
Import |
Trade balance |
|||
|
1 |
311,098 |
520,056 |
-208,958 |
327,842 |
785,219 |
-457,377 |
-5 |
-34 |
|
2 |
239,298 |
636,090 |
-396,792 |
296,578 |
740,799 |
-444,221 |
-19 |
-14 |
|
3 |
311,421 |
748,783 |
-437,362 |
301,688 |
1,023,745 |
-722,057 |
3 |
-27 |
|
4 |
238,359 |
664,290 |
-425,931 |
371,711 |
610,414 |
-238,703 |
-36 |
9 |
|
Total |
1,100,176 |
2,569,219 |
-1,469,043 |
1,297,819 |
3,160,177 |
-1,862,358 |
-15 |
-19 |
The trade fall between the two countries comes after 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.
Iran-South Korea trade in 2016-2017 (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 |
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.