Iran’s non-oil commodity exports to South Korea rise by 180 percent last year
Date
1/21/2025 4:31:20 AM
(MENAFN) A report from the Iran-South Korea Joint Chamber of Commerce revealed that Iran's non-oil exports to South Korea soared by 180 percent in 2024, reaching USD8.609 million. In contrast, South Korea's exports to Iran dropped by 11 percent, totaling USD142.631 million for the same period.
In 2023, South Korea's exports to Iran amounted to USD183.314 million, while Iran's exports to South Korea were much lower, at only USD3.723 million. The 11 percent decline in South Korean exports to Iran in 2024 is attributed to factors such as sanctions, banking restrictions, changes in South Korea's market focus, and Iran's economic situation.
The significant rise in Iran's non-oil exports to South Korea is seen as part of Iran's strategy to reduce reliance on oil revenues and meet South Korea's demand for Iranian goods. In 2023, the trade balance heavily favored South Korea, with Iran mostly importing from South Korea.
The sharp increase in non-oil exports in 2024 signifies a shift toward more balanced trade relations between the two countries. This growth aligns with Iran's broader goal of achieving economic independence and diversifying its exports. To maintain this momentum, Iran will need to overcome challenges such as meeting South Korea's quality standards and addressing sanctions-related barriers, while also improving trade and financial processes.
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