Seoul: South Korea's exports to India saw a significant increase of over 30 percent during the first eight months of the current year, a trend attributed to a robust demand for semiconductors, a government agency reported on Monday.
According to Yonhap News Agency, Korean exports to India climbed 30.8 percent year-on-year to reach US$16.8 billion from January to August, compared to $12.84 billion during the same period last year, as per data from the Korea Trade-Investment Promotion Agency (KOTRA). This rise aligns with India's proactive investments in artificial intelligence, data centers, and associated infrastructure under its "Make in India" initiative, aiming to establish itself as a global manufacturing hub.
KOTRA highlighted the expanding presence of Korean chipmakers and companies dealing in materials, parts, and equipment in the Indian market, driven by the country's industrial expansion efforts. "The strong performance of exports to India clearly shows that Korean companies will have more business opportunities in the fast-growing market amid the ongoing reorganization of global supply chains," stated KOTRA President and CEO Kang Kyung-sung.
The agency is targeting an increase in bilateral trade between South Korea and India to $50 billion by 2030, with opportunities spanning various sectors, including semiconductors and consumer goods. In April, South Korean President Lee Jae Myung met with Indian Prime Minister Narendra Modi in India, where they consented to expedite negotiations to enhance their Comprehensive Economic Partnership Agreement (CEPA), aiming to double bilateral trade to $50 billion by 2030.
Additionally, imports from India rose by 16.2 percent to $5.03 billion from January to August, up from $4.33 billion a year ago, bringing the total bilateral trade to $21.8 billion.