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South Korea–India Trade Surges on Semiconductor Demand
South Korea sold many more goods to India during the first eight months of the year.
Its exports rose by 30.8 percent to $16.8 billion.
Computer chips were an important reason for the increase.
India is investing in artificial intelligence, data centres and other technology facilities.
Korean chip companies and suppliers are becoming more active in India.
India also sold more goods to South Korea, raising imports to $5.03 billion.
Together, the countries traded $21.8 billion during the period.
Their leaders want to increase total trade to $50 billion by 2030.
They also want to improve cooperation in business, culture and society.
South Korea’s exports to India rose 30.8% year-on-year to $16.8 billion from January through August.
Strong semiconductor demand helped drive the increase, according to the Korea Trade-Investment Promotion Agency.
India is expanding investment in artificial intelligence, data centres and related infrastructure under its Make in India initiative.
South Korea’s imports from India increased 16.2% to $5.03 billion during the same period.
The two countries aim to double bilateral trade to $50 billion by 2030 while upgrading their trade agreement.
- Who
- South Korean companies, Indian businesses, the Korea Trade-Investment Promotion Agency, President Lee Jae Myung and Prime Minister Narendra Modi.
- What
- South Korea’s exports to India increased by 30.8%, while imports from India also rose.
- Where
- Between South Korea and India.
- When
- From January through August; the leaders’ trade-upgrade agreement was discussed in April, with further cooperation mentioned in June.
- Why
- Exports were supported by semiconductor demand and India’s investment in artificial intelligence, data centres and related infrastructure.
Key facts
- South Korean exports to India
- $16.8 billion from January through August
- Export growth
- 30.8% year-on-year
- South Korean imports from India
- $5.03 billion, up 16.2%
- Total bilateral trade
- $21.8 billion during January-August
- 2030 trade target
- $50 billion in bilateral trade
- Main export driver
- Strong demand for semiconductors
- Trade agreement
- South Korea and India agreed to accelerate negotiations to upgrade their Comprehensive Economic Partnership Agreement
Quotes
Kang Kyung-sung
President and Chief Executive Officer of the Korea Trade-Investment Promotion Agency
“The strong performance of exports to India clearly shows that Korean companies will have more business opportunities in the fast-growing market amid the ongoing reorganisation of global supply chains.”
thehansindia.com
“(We) agreed to strengthen cooperation between South Korea and India across all areas, including the economy, culture and society, while building a new relationship between the two countries.”
thehansindia.com
Narendra Modi
Prime Minister of India
“Our nations are working together in trade, commerce and many other futuristic sectors.”
thehansindia.com
Sources
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