Iran’s Non-Oil Exports to South Korea Surge 180%
TEHRAN (Iran News) This significant change in trade dynamics indicates a shift in the structure of trade between the two countries. While Iran’s non-oil exports to South Korea increased dramatically, South Korea’s exports to Iran decreased due to various factors, including sanctions and banking restrictions, changes in target markets, and Iran’s economic situation.
In 2023, Iran was a major importer from South Korea, but in 2024, the trade balance is shifting in favor of Iran, thanks to the significant increase in non-oil exports. This growth in exports is a result of Iran’s efforts to reduce its dependence on oil and meet the demand for Iranian products in the South Korean market.
For Iran to maintain this trend, it must address the challenges of aligning with South Korea’s standards and overcoming the obstacles posed by sanctions and banking restrictions. Iran needs to find solutions to facilitate trade and financial processes with South Korea.
The joint report highlights the efforts of both countries to strengthen their commercial ties and create new opportunities for cooperation.
In 2023, Iran was a major importer from South Korea, but in 2024, the trade balance is shifting in favor of Iran, thanks to the significant increase in non-oil exports. This growth in exports is a result of Iran’s efforts to reduce its dependence on oil and meet the demand for Iranian products in the South Korean market.
For Iran to maintain this trend, it must address the challenges of aligning with South Korea’s standards and overcoming the obstacles posed by sanctions and banking restrictions. Iran needs to find solutions to facilitate trade and financial processes with South Korea.
- source : IRAN NEWS ECONOMIC DESK
