RIYADH: Saudi Arabia’s trade with South Korea continues to thrive, with exports from the Kingdom rising by 36.19 percent year-on-year to SR10.31 billion ($2.75 billion) in May, official data shows.
Monthly exports to South Korea saw a 31.50 percent increase, growing from SR7.84 billion in April to SR10.31 billion in May. South Korea was the second-largest destination for Saudi exports in May, just behind China, which received SR15.91 billion worth of goods, according to the General Authority for Statistics.
From 2019 to 2023, cumulative trade between Saudi Arabia and South Korea reached SR554 billion, with annual trade values increasing from SR93.6 billion to SR129.8 billion, per the Ministry of Commerce.
In May, Saudi Arabia's primary export to South Korea was oil, totaling SR10.03 billion, with non-oil exports amounting to SR278 million. Major non-oil exports included chemicals (SR142.6 million), base metals (SR112.6 million), and plastic and rubber products (SR32.4 million).
Saudi Arabia imported SR1.39 billion worth of goods from South Korea in May, including transport equipment (SR483.5 million), mechanical appliances and electrical equipment (SR391.3 million), base metals (SR149.4 million), and chemicals (SR100.9 million). Other imports included beverages and vinegar products (SR11.7 million) and mineral products (SR9.4 million).
This data was initially reported by Arab News, citing relevant governmental sources.
The Saudi-Korean Business Forum in July, attended by over 400 participants, saw the signing of 10 agreements across various sectors, reinforcing the economic partnership between the two nations, as reported by Arab News.
South Korea's free trade agreement with the Gulf Cooperation Council (GCC), including Saudi Arabia, will remove tariffs on nearly 90 percent of all goods. Signed in December 2023, the agreement will see GCC countries abolish levies on over 76 percent of products across 18 categories.
