South Korea more aggressive than Japan in India, registers higher trade volume year after year

In 2022, Korea’s trade with India touched an all-time high at USD 27.8 bn while Japan lingers around USD 20 bn. Similar was the case last year, and previously too. The count of Korean companies in India is increasing fast whereas the number of Japanese companies remained stagnant in the past few years.

ACN EXCLUSIVE: On their mission to look for an alternate turf beyond China to expand their trade and settle for years to come, Japan and South Korea both are trying hard to strengthen business ties with India. However, having entered India late than Japan, South Korea has exhibited an aggressive approach to gaining ground in India. Not only Korea’s trade with India has been touching new heights year after year, but the number of its companies entering India is also increasing much faster than its arc competitor Japan.

The latest India-Korea bilateral trade volume data accessed exclusively by Asian Community News Network (ACN Network) reveals, South Korea’s annual trade with India in the year 2022 (Jan-Dec) reached an all-time high figure of USD 27.8 bn. This included export of USD 18.9 billion and imports USD 8.9 billion from India. This increase in exports and imports was aided by a rebound in economic activity and industrial output. India-Korea bilateral trade figures were registered at USD 23.7 bn last year.

In deep contrast, Japan lingers around USD 20 bn annually for the past two years. 4th largest investor in the Indian economy with cumulative FDI inflows of USD 38.13 bn (April 2000 to September 2022), Japan registered bilateral trade volume with India at crossed USD 18.5 bn in the year 2022 (Jan-Nov).

If India and South Korea are committed to taking their bilateral trade to USD 50 bn by the year 2030, Japan has pledged to invest JPY 5 trillion in next five years in India.

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