Twofold Increase in Iran's Trade Surplus With South Korea
August 17, 2000 - 0:0
LONDON Iran's trade surplus with South Korea increased two fold thanks to a significant rise in oil exports.
According to figures compiled by the Middle East Economic Digest (MEED) the value of Iran's exports to the South Korea increased by 51 percent, from $0.9 billion to 1.5 billion.
The rising trend of Iranian crude oil exports had everything to do with this increase as official figures from Korea Petroleum Association shows volume of these exports reached 81.944 million barrels in 1999.
This amounted to a 22 percent increase compared to 1998 and was even higher than the relatively high level achieved in 1997, when volumes reached 81.2 million barrels.
South Korea's exports to Iran also increased in 1999 but by only 6 percent reaching $812 million, a third of the bilateral trade between the two countries.
Bilateral trade reached $2.318 billion in 1999 reversing almost entirely the sharp fall of the previous year. This confirms South Korea as one of Iran's biggest trading partners.
Iran's oil exports to Korea in the current year are on course to go even higher, with half year figures showing 42.4 million barrels of crude oil exported to the Southeast Asian country.
(IRNA)
According to figures compiled by the Middle East Economic Digest (MEED) the value of Iran's exports to the South Korea increased by 51 percent, from $0.9 billion to 1.5 billion.
The rising trend of Iranian crude oil exports had everything to do with this increase as official figures from Korea Petroleum Association shows volume of these exports reached 81.944 million barrels in 1999.
This amounted to a 22 percent increase compared to 1998 and was even higher than the relatively high level achieved in 1997, when volumes reached 81.2 million barrels.
South Korea's exports to Iran also increased in 1999 but by only 6 percent reaching $812 million, a third of the bilateral trade between the two countries.
Bilateral trade reached $2.318 billion in 1999 reversing almost entirely the sharp fall of the previous year. This confirms South Korea as one of Iran's biggest trading partners.
Iran's oil exports to Korea in the current year are on course to go even higher, with half year figures showing 42.4 million barrels of crude oil exported to the Southeast Asian country.
(IRNA)