Iran-South Korea trade shows shift with 180 percent surge in Iranian exports
Date
1/21/2025 6:47:27 AM
(MENAFN) Iran's non-oil exports to South Korea experienced a dramatic 180 percent increase in 2024, reaching USD8.609 million, according to the Iran-South Korea Joint Chamber of Commerce.
Meanwhile, South Korea's exports to Iran dropped by 11 percent during the same period, totaling USD142.631 million, down from USD183.314 million in 2023. In contrast, Iran's exports to South Korea in 2023 were just USD3.723 million, highlighting a significant shift in trade dynamics.
The decline in South Korean exports to Iran is attributed to sanctions, banking restrictions, changes in South Korea's target markets, and economic challenges in Iran. On the other hand, the sharp rise in Iran's non-oil exports reflects the country's efforts to diversify its economy, reduce reliance on oil revenues, and meet South Korean demand for Iranian goods.
In 2023, trade between the two nations heavily favored South Korea, with Iran primarily acting as an importer. However, the notable growth in Iran's non-oil exports in 2024 points to a move toward more balanced trade relations.
Iran's expanding non-oil exports signal its drive for economic independence and greater self-reliance. This progress may be linked to collaborative trade policies and efforts to strengthen bilateral economic ties.
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