kotra: Bilateral commerce between India and Korea grew 40% to $23.7 billion in 2021

KOTRA is the financial division of the Embassy of the Republic of Korea in India.

Based on KOTRA, the data on commerce was disclosed by the Ambassador of the Republic of Korea to India Chang Jae-bok whereas inaugurating the 4th version of Korea Truthful in India (KFI) 2022 in New Delhi on Wednesday.

“Korea and India have a robust financial partnership and that’s quickly increasing. Bilateral commerce between the 2 international locations reached USD 23.7 billion in 2021. This was the highest-ever commerce quantity between the 2 international locations, a 40 per cent enhance over USD 16.9 billion (in 2020),” KOTRA stated in a press release on Thursday quoting the ambassador.

As per KOTRA, Korea made document imports of USD 8.06 billion from India in 2021. In the course of the yr, all main imported gadgets from India together with iron ore (215.5 per cent) and aluminum (143.6 per cent) imports have proven a major enhance.