Irans nonoil exports to South Korea surge 180 in 2024

Iran's non-oil exports to South Korea surge 180% in 2024

TEHRAN - According to a report by the Iran-South Korea Joint Chamber of Commerce, Iran's non-oil exports to South Korea surged by 180 percent in 2024, reaching $8.609 million.

As reported, South Korea's exports to Iran declined by 11 percent to $142.631 million during the same period.

In 2023, South Korea's exports to Iran totaled $183.314 million, while Iran's exports to South Korea stood at just $3.723 million.

The 11-percent drop in South Korean exports to Iran in 2024 has been attributed to factors such as sanctions, banking restrictions, changes in South Korea's target markets, and Iran's economic conditions.

Conversely, the sharp rise in Iran's non-oil exports to South Korea is linked to efforts to reduce reliance on oil revenues and meet South Korea's demand for Iranian goods.

In 2023, trade between the two nations was heavily imbalanced in favor of South Korea, with Iran serving primarily as an importer.

However, the substantial increase in Iran's non-oil exports to South Korea in 2024 marks a shift toward more balanced trade relations.

Iran's growing non-oil exports reflect its push for economic independence and reduced reliance on oil. This growth may also stem from collaborative economic and trade policies aimed at strengthening bilateral trade ties and creating new areas of cooperation.

To sustain this progress, Iran must address challenges such as meeting South Korea's quality standards and overcoming sanctions-related obstacles.

Additionally, exploring ways to streamline trade and financial processes with South Korea will be crucial for further improving trade relations.

EF/MA

source: tehrantimes.com