South Korea's Exports to Iran Plummet Nearly 90% Last Year

[Image source=EPA Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] Due to the impact of the United States' economic sanctions against Iran, South Korea's exports to Iran last year decreased by nearly 90%.

This represents the largest decline among Iran's top 20 import countries. Exports to Iran from China and European countries also significantly decreased.

According to KOTRA Tehran Trade Center and the Korea International Trade Association on the 12th, South Korea's export value to Iran from January to November last year was $259 million, down 88.6% compared to the same period the previous year.

As of January to September last year, China maintained its position as Iran's number one import partner. However, China's exports to Iran fell by 38.8%.

Additionally, Germany (6th largest importer to Iran) -49.1%, Italy (8th) -51.6%, the Netherlands (10th) -43.2%, Malaysia (11th) -36.1%, France (12th) -63.5%, Switzerland (13th) -16.0%, Belgium (16th) -52.7%, Spain (17th) -69.1%, Ukraine (19th) -69.0%, and Thailand (20th) -42.9% showed significant declines among European and Southeast Asian countries.

South Korea, ranked 14th among Iran's import countries, recorded the largest decrease rate of 89.6% among the top 20 countries as of January to September.

China, South Korea, and Europe had been important import sources for Iran, but as U.S. pressure on Iran intensified, transactions sharply declined.

Cases of foreign companies operating in Iran suspending their businesses are also continuing. According to a survey by KOTRA Tehran Trade Center, as of October 10 last year, 83 foreign companies operating in Iran had suspended their businesses, of which 49 were identified as companies from the European Union (EU) and the United Kingdom.

Japan, which had originally been passive about entering Iran, continued its official development assistance (ODA) to Iran but limited trade to humanitarian goods.

This content was produced with the assistance of AI translation services.