India and South Korea's bilateral trade has reached a record high of USD 25.8 billion in the current year 2022. (January-November). Over the USD 23.7 billion mark from the prior year, it represents an increase of 9%.
Over an 11-month period, South Korea recorded 17.4 billion USD in exports compared to 8.4 billion USD in imports from India. A recovery in economic activity and industrial output helped to support this increase in exports and imports. By 2030, India and South Korea each want to increase their bilateral trade to $50 billion.
Promotion Agency (KOTRA), New Delhi, said that between January and November of this year, bilateral commerce between South Korea and India reached an all-time record volume of USD 25.8 billion. There is still one month remaining, and at the end of this month, we will have the precise annual total.
The economic branch of the Embassy of the Republic of Korea in India is located at KOTRA, New Delhi. With its main office in Seoul, KOTRA works to encourage international trade and investment for Korea.
According to BIN, South Korean exports to India include semiconductors, automotive and electronic parts, and parts for electrical appliances including white goods. Among the items imported from India to South Korea were petrochemicals and galvanised steel.
Data from Korea's Ministry of Commerce, Industry and Energy (MOTIE) show that bilateral trade totaled USD 14.25 billion in the first half of 2022. It was the greatest half-yearly commerce volume between the two nations and represented a 30% rise over the USD 10.97 billion total from the prior year. With imports rising by 47.2 percent to USD 5.2 billion and exports to India rising by 21.6 percent to $9 billion, Korea had a USD 3.8 billion trade surplus.
The first half of 2022 saw a record-breaking $5.2 billion in imports from India, making Korea the country with the greatest yearly imports from India.