South Korea-Iran trade falls by over 16%
By Trend:
The South Korea-Iran trade turnover amounted to $5.126 billion in January-June 2018, 16.5 percent less year-on-year, according to the latest data released by the Korean Customs Service.
The negative balance of South Korea in trade with Iran amounted to $1.68 billion during the first half of 2018.
South Korea exported $1.72 billion worth of goods to Iran in the six-month period, which is less by 15 percent compared to the same period of 2017.
Meanwhile, the country’s imports from Iran hit $3.4 billion in the same span of time, indicating a fall by 17 percent compared to January-June 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 |
312 115 |
521 811 |
- 209 696 |
327 842 |
785 219 |
-457 377 |
-5 |
-34 |
|
2 |
239 240 |
638 268 |
- 399 028 |
296 578 |
740 799 |
- 444 221 |
-19 |
-14 |
|
3 |
310 077 |
748 773 |
- 438 696 |
301 688 |
1 023 745 |
- 722 057 |
3 |
-27 |
|
4 |
238 068 |
664 285 |
- 426 217 |
371 711 |
610 414 |
- 238 703 |
-36 |
9 |
|
5 |
299 601 |
416 857 |
-117 256 |
370 263 |
450 133 |
- 79 870 |
-19 |
-7 |
|
6 |
322 704 |
413 391 |
- 90 687 |
366 342 |
491 416 |
-125 074 |
-12 |
-16 |
|
Total |
1 721 805 |
3 403 385 |
- 1 681 580 |
2 034 424 |
4 101 726 |
- 2 067 302 |
-15 |
-17 |
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.