Sunday, 31 May 2020

Trade volume between Saudi Arabia and South Korea rises 21% in 2018, report

Riyadh, The volume of trade between the Kingdom of Saudi Arabia and the Republic of Korea grew by 21 percent in 2018 compared to 2017 to reach $30b, the Ministry of Trade and Investment said.

In a press release, the ministry showed that this increase was supported by growth of non-oil exports by 60%, a positive indicator that meets the objectives of the vision of the Kingdom 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 $26b,compared to $ 4.3b 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 communication, professional, scientific, technical and other activities. Mining, Is one of the most important sectors targeted in the field of investment between the two friendly countries.

Source: Saudi Press Agency

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