RIYADH, Saudi Arabia, June 27 (NNN-SPA) – The trade volume between Saudi Arabia and South Korea grew by 21 percent in 2018, from the previous year, reaching 30 billion U.S. dollars, a report by Saudi Ministry of Trade and Investment said, Wednesday.
The increase was sustained by a 60-percent 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 26 billion dollars, while its imports from South Korea hit 4.3 billion dollars 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, 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.– NNN-SPA
