[Graphics by Song Ji-yoon]
South Korea’s trade volume with India reached an all-time high of $21.5 billion last year, led by general demand for Korean electric components and also riding on India’s infrastructure push.
According to the Ministry of Trade, Industry and Energy and Korea International Trade Association on Wednesday, the amount of trade between Korea and India is estimated to have reached $21.5 billion in 2018, breaking the previous record of $20.55 billion in 2011.
Korea’s exports to India recorded an all-time high of $15.62 billion last year, up 3.7 percent from a year ago, while imports jumped 19 percent to $5.89 billion. Overall trade grew 7.5 percent on-year.
Shipments to China, however, jumped at a significantly slower pace last year compared to a 29.8 percent on-year rise in 2017.
By item, Korea’s shipment of steel plates increased 23.6 percent in the January-November period last year from a year ago, and synthetic resins 30.9 percent, semiconductors 100.7 percent, and flat panel display 36.6 percent.
Korea’s exports of steel and petrochemical products increased last year on growth in electric and electronic industries. The Indian government increased spending on overall infrastructure.
South Korean President Moon Jae-in tours around Samsung Electronics Co.’s new smartphone manufacturing plant in Noida, India, on July 9, last year, with Indian Prime Minister Narendra Modi and company vice chairman Jay Y. Lee. [Photo by Joint Press Corps.]
Samsung Electronics Co. expanded its mobile factory in Noida near India’s capital New Delhi and Kia Motors Corp. built a production facility in Andhra Pradesh with annual capacity of 300,000 cars, leading to an overall increase in exports of related facility and construction machinery equipment.
Korea’s exports of wireless devices to India declined 79 percent on-year as the Indian government raised duty on communication device and equipment in February and October, last year.
Korea hopes to more than double its trade volume with India to $50 billion by 2030 under the New Southern Policy. Korean Foreign Minister Kang Kyung-wha said during her visit to India last month that she hopes bilateral trade and investment continues to expand considering the potential and overall complementary economic structure.
By Lim Sung-hyun and Lee Eun-joo
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