Bilateral Trade between India and South Korea – Top Exports & Imports
10 July 2018
India and South Korea have agreed to work together in the
sectors of energy, electronics and shipbuilding and the authorities have set up
a joint working group for cooperation on the shipbuilding sector and electronics
hardware manufacturing. For India, South Korea is a reliable partner that helps
to modernize the physical and social infrastructure of India. South Korea also
take benefit from science and technology cooperation with India. The strength
of India in software industry can complement South Korea’s global
competitiveness in hardware industry. The competence of India in space science
and technology can help South Korea to realize its goal of becoming an
aerospace powerhouse.
Korean companies such as Hyundai Motors, Samsung Electronics, LG and more have invested around USD 4.40 billion in 2017 and plans to expand further. India ranks 25 in exports and 15 in imports while South Korea ranks six in exports and nine in imports. The market research report released by Export Genius on bilateral trade between India and South Korea covers the detailed analysis of their trade. Let’s take a comprehensive look at the facts and figures through this article.
>>> Export
Import Data of India Trade with South Korea
India-South Korea Bilateral Trade Statistics
The bilateral trade has been maintained between India and
South Korea in past years. It is expected that this year the trade will reach
its peak, the first time in last six years. Check the trade statistics of these
two countries during last five years.
Year |
Value (USD Billion) |
2017 |
15.63 |
2016 |
15.67 |
2015 |
16.68 |
2014 |
18.22 |
2013 |
16.91 |
What does India Import from South Korea?
South Korea is the sixth biggest import source of India and
recorded 4% share in India’s imports. India imports of goods from South Korea
recorded USD 12500 million in 2017 and the imports have been raised by 2% of
value during 2016-17. India’s top imports from this country include electrical
machinery, iron and steel, natural pearls, machinery and plastics. Electrical
machinery imports from South Korea worth USD 2106 million in 2017 and telephone
sets, electronic integrated circuits are the demanded products in this
category.
India imports of iron and steel from South Korea stood at
USD 1693 million in 2017 and the demand for this product has been increased by
2% of value between 2013 and 2017. In this product category (HS Code 72),
different types of flat rolled products of non-alloy steel have been imported
most by India during the same period. South Korea worth 22% share in India’s
imports of iron and steel.
India import data
shows that the country has increased its demand of natural pearls and precious
stones by 36% of value from South Korea between 2013 and 2017. India imports
worth USD 1419 million in 2017. The main imports products in this category are
goldsmith/ silversmith articles and precious metals which mainly classified
under HS Code 7114. India is the world’s largest importer and South Korea is
the only major source of India imports of goldsmith articles. Refer the below
table to check import values recorded in 2017 of India’s top five traded products.
Product |
Value (USD Million) |
Electrical Machinery |
2106 |
Iron and Steel |
1693 |
Natural pearls |
1419 |
Machinery |
1150 |
Plastics |
1114 |
What does India Export to South Korea?
South Korea is also one of the main export destinations of
Indian commodities. According to India
export data, India exports of goods to South Korea worth USD 3137 million
in 2017 and recorded 1% share in India’s exports. It has seen a decline in
exports by 10% of value between 2013 and 2017. India’s top export products to
this country include aluminium, mineral fuels & oils, organic chemicals,
iron & steel and machinery.
India aluminium exports to South Korea worth USD 593 million
in 2017 and unwrought aluminium have been exported majorly by India and the sales
of this product has been increased by 9% of value between 2013 and 2017.
The commodities of energy industry record high export value.
India exports of mineral fuels & oils to South Korea worth USD 500 million
in 2017 and petroleum oil obtained from bituminous mineral stood as top export
product. Here is the table representing values of top export products traded
between these two countries in 2017.
Product |
Value (USD Million) |
Aluminium |
593 |
Mineral fuels & oils |
500 |
Organic Chemicals |
270 |
Iron and Steel |
256 |
Machinery |
144 |
How to get India-South Korea Bilateral Trade Data?
During India-Korea business summit in New Delhi, India
admired the way in which Korea has created and sustained their global brands
from IT & electronics to automobile and steel and has given standard
products to the world. South Korean companies are appreciated for their
innovation and strong manufacturing capability.
Their bilateral trade will be increased year by year. Indian
companies have a better chance to target the Korean market and expand their
business to uncovered regions of Korea. We at Export Genius providing the market
research report on bilateral trade data of these two countries including every
trading activities including shipment details such as value, quantity,
importers, exporters and much more.
To buy our market research report and data, email us at [email protected]
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