In 2022, South Korea exported $18.9 billion worth of goods
to India, while India exported $8.9 billion worth of goods to
South Korea. This resulted in a trade surplus of $10.0 billion for South Korea.
Driven mainly by semiconductor exports which rose 95% YoY, the other exports from South Korea to India included automotive and electronic components, and components for electrical appliances such as white goods. Imports from India to South Korea included galvanized steel, petrochemical products, etc. Moreover, aided by Indian government’s ‘Make in India’ policy and focus on green energy, India and Korea could see enhanced trade in coming years in areas of Electric Vehicles (EVs), Information and Communications Technology (ICT) and Green Industries.
According to the Export-Import Bank of Korea, Korea’s investment in India for the first nine months in 2022 increased by 54% year-on-year to USD 348 million, a gradual recovery after the pandemic.
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