Due to sanctions on Russia, Korea-Russia trade volume decreases by one-third this year

This year, the trade volume between Korea and Russia has decreased to about one-third compared to the same period last year, reported the Russian daily Izvestiya, citing the Russian Embassy in Korea.

[Image source=Yonhap News]

On the 29th (local time), the Russian Embassy stated, based on Korean statistics, that the trade volume between the two countries from January to July this year was $6.638 billion (approximately 8.9 trillion KRW), a 34% decrease compared to the same period last year.

Russia's exports to Korea decreased by 35% to $3.794 billion, and Russia's imports from Korea decreased by 32% to $2.843 billion.

The Russian Embassy explained that "Western sanctions against Russia, which Korea has joined, are negatively impacting trade between the two countries," and that the downward trend that began last year is continuing.

Izvestiya analyzed that the trade issues between Korea and Russia have become more complicated since Russian President Vladimir Putin visited North Korea in June and signed a comprehensive strategic partnership treaty close to an alliance level, and that Korea's status as one of the United States' key allies also influences the situation.

Meanwhile, according to the Russian Embassy, until 2021, Korea was Russia's second-largest trading partner in Asia after China, and the trade volume between the two countries in the first half of 2021 (January to June) was about $11.9 billion (approximately 15.9 trillion KRW), three times this year's amount.

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