Iran (IMNA) - This increase marks a notable shift in the trade dynamics between the two countries, which have historically been skewed in favor of South Korea. In contrast, South Korea's exports to Iran declined by 11% to $142.631 million during the same period, down from $183.314 million in 2023.
The decline in South Korean exports is attributed to factors such as sanctions, banking restrictions, changes in target markets, and Iran's economic conditions. Conversely, Iran's surge in non-oil exports is linked to efforts to reduce reliance on oil revenues and meet South Korea's demand for Iranian goods.
In 2023, trade between the two nations was heavily imbalanced, with Iran primarily serving as an importer. However, the substantial increase in Iran's non-oil exports in 2024 signals a move toward more balanced trade relations. This growth reflects Iran's push for economic independence and reduced reliance on oil, potentially driven by collaborative economic and trade policies aimed at strengthening bilateral ties.
To sustain this progress, Iran must address challenges such as meeting South Korea's quality standards and overcoming sanctions-related obstacles. Additionally, exploring ways to streamline trade and financial processes with South Korea will be crucial for further improving trade relations.
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