RIYADH, Aug 07 (Arab News): Saudi Arabia's trade with South Korea remains strong, with exports from the Kingdom increasing 36.19 per cent year-on-year to SR10.31 billion ($2.75 billion) in May, official data showed.
It was the second-largest destination for Saudi exports in May behind China, which received goods worth SR15.91 billion, according to the General Authority for Statistics.
The Kingdom's outgoing shipments to the East Asian nation also rose by 31.50 per cent in May compared to the previous month, reaching SR10.31 billion from SR7.84 billion.
This comes amid a history of strong trade relations between the two countries, with cumulative trade totaling SR554 billion from 2019 to 2023 and annual values growing from SR93.6 billion to SR129.8 billion, according to the Ministry of Commerce.
In May, oil was the main export from Saudi Arabia to South Korea, with shipments totaling SR10.03 billion.
Non-oil exports amounted to SR278 million, with chemicals and allied products leading at SR142.6 million.
Other notable exports included base metals at SR112.6 million and plastic and rubber products at SR32.4 million.
On the import side, Saudi Arabia received SR1.39 billion worth of goods from South Korea in May.
This included transport equipment valued at SR483.5 million, mechanical appliances and electrical equipment at SR391.3 million, base metals at SR149.4 million, and chemicals at SR100.9 million.
In May, Saudi Arabia also imported beverages and vinegar products worth SR11.7 million, with incoming shipments of mineral products totaling SR9.4 million.
Affirming the strong ties between the two nations, the Saudi-Korean Business Forum was held in Seoul in July, where 10 agreements were signed across the construction, energy, health, contracting, sustainability, and food industries.
The forum, attended by over 400 participants from both the public and private sectors, focused on enhancing economic collaboration between both nations.
South Korea, a signatory of the free trade agreement with the Gulf Cooperation Council - of which Saudi Arabia is a member - has agreed to remove tariffs on nearly 90 per cent of all goods, including liquefied natural gas and other petroleum products.
Under the deal signed in December 2023, GCC countries committed to abolishing levies on over 76 per cent of products across 18 categories.
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