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Saudi-South Korean trade volume up 21 pct in 2018: Report

Last update: 27/06/2019
RIYADH, June 27 (Bernama) -- The trade volume between Saudi Arabia and South Korea grew by 21 per cent in 2018 from the previous year, reaching US$30 billion, Xinhua news agency reported, citing a report by Saudi Ministry of Trade and Investment Wednesday.

The increase was sustained by a 60-per cent growth of non-oil exports, a positive indicator that meets the objectives of Saudi Arabia's 2030 vision, according to the report.

South Korea is ranked fifth on the volume of trade with Saudi Arabia.

Saudi exports to South Korea amounted to US$26 billion while its imports from South Korea hit US$4.3 billion in 2018.

Saudi exports to South Korea included metal products, chemicals as well as copper and plastics while South Korean products to Saudi Arabia mainly included cars, electrical appliances, machinery, iron and steel.

The ministry said that foreign direct investments from South Korea to Saudi Arabia included 117 projects over several fields such as construction, manufacturing, electricity and gas.

Mining is one of the most important sectors targeted in the joint investment between the two countries, the report said.

-- BERNAMA



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