India-South Korea bilateral trade touches record USD 25.8 bn mark, highest ever so far: KOTRA

Bilateral trade between India and South Korea has touched an all-time high figure of USD 25.8 billion during the current year 2022 (January-November). It’s a 9 percent jump over the previous year’s figure of USD 23.7 billion despite the world witnessing slowing global economic growth due to the impact of the Russia-Ukraine war, surging inflationary pressure, and subsequent interest rate hikes.

South Korea registered an export volume of USD 17.4 billion against its imports USD 8.4 billion from India during 11-month period. This increase in exports and imports was aided by a rebound in economic activity and industrial output. Both, India and South Korea are aiming to take their mutual trade to USD 50 billion by 2030.

In an exclusive interview with Asian Community News (ACN) Network, Joonhwa BIN, Managing Director, Southwest Asia, Korea Trade-Investment Promotion Agency (KOTRA), New Delhi said, “The bilateral trade between India and South Korea has achieved an all-time high volume of USD 25.8 billion during the current year period between January and November. One month is still left, and we will be able to reach the exact annual figure by the end of this month.”

KOTRA, New Delhi is the economic section of the Embassy of the Republic of Korea in India. Headquartered in Seoul, KOTRA operates worldwide to promote Korea’s trade and investment globally.

BIN said that exports from South Korea to India included automotive and electronic components, semiconductors, and components for electrical appliances such as white goods. Imports from India to South Korea included galvanised steel, petrochemical products, etc.

Last year, the trade volume between the two nations had leapfrogged by whopping 40% from USD 16.9 billion to USD 23.7 billion. However, the things to come during the current 2022 were indicative in the beginning months itself.

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