Saudi, Korea trade volume jumps 21% to $30 billion in 2018


Saudi Gazette report

The volume of trade between Saudi Arabia and the Republic of Korea grew by 21 percent in 2018 compared to 2017, reaching $30 billion, the Ministry of Commerce and Investment said in a press statement.

The ministry showed that this increase was supported by growth of non-oil exports by 60 percent, a positive indicator that meets the objectives of the Vision 2030. It is worth mentioning that South Korea is ranked fifth in the volume of trade with Saudi Arabia.

Saudi exports during the last year reached $26 billion, compared to $ 4.3 billion in Saudi imports from Korea.

Metal products topped the list of goods exported from the Kingdom to South Korea, in addition to organic and inorganic chemicals, copper and plastics and their derivatives, while cars and their parts emerged as the main goods imported from South Korea followed by electrical appliances, machinery, iron and steel.

The ministry said that foreign direct investment from South Korea in the Kingdom amounted to 117 investments, concentrated in several activities including construction, manufacturing, electricity, gas, steam, air conditioning, information and communications, professional, scientific, technical and other areas.

Mining, Is one of the most important sectors targeted in the field of investment between the two countries, the statement said