Global Biz

Trade between S. Korea, Russia surges 52-fold

(Xinhua)
Updated: 2010-09-29 17:17

SEOU -- Trade between South Korea and Russia has recorded an over 50-fold jump since the two countries established diplomatic relations 20 years ago, a government report showed Wednesday.

Trade between the two countries stood at US$9.98 billion last year, a 52-fold increase from US$190 million in 1992 when statistics began to be tallied, according to the report by the Ministry of Strategy and Finance.

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The trade volume between the two countries saw an over 90-fold surge to 18.1 billion dollars in 2008 compared with 1992, but temporarily declined last year due to the global financial crisis. It made a recovery to register US$7.9 billion in the first half of this year, up 89 percent from the same period a year before.

South Korea's exports to Russia soared 36-fold to US$4.19 billion in 2009, placing Russia as South Korea's 22nd-largest overseas market, while imports jumped 77-fold to US$5.79 billion.

South Korea had posted a trade deficit with Russia until 2005 but turned to black from 2006 through 2008, thanks to Russia's rapid growth. Last year's deficit of 1.59 billion dollars occurred due to the global financial crisis.

The ministry, meanwhile, stressed the necessity to expand economic cooperation with Russia that has high growth potential, in order for South Korea to secure future growth engines.