Trade Turnover Between Kazakhstan And South Korea Achieved Record Level

Kazakhstan and South Korea plan to achieve a record level of trade turnover this year.

The trade value between the countries has exceeded US$3 billion over the past nine months. The two countries are planning to increase the value by two times by the end of the year. In 2018, the value of trade between Kazakhstan and South Korea was recorded at US$2.2 billion. Over the years of the establishment of the countries’ diplomatic relations, the value has not exceeded US$10 million.

South Korea exports electrical and transportation equipment to Kazakhstan while Kazakhstan exports oil, uranium, copper and steel to South Korea. 

“South Korea has started to transport petroleum products from Kazakhstan since 2017. Export amounted to nearly US$900 million in 2018. This is just a third of the oil from which South Korea imported from Kazakhstan. Actually, the value should be worth US$4 billion. It so happened that the statistics of our country takes into account only goods supplied directly from Kazakhstan. If the goods pass through a different route, for example, through the Russian territory, then it is considered as the export from another country,” said South Korean Ambassador to Kazakhstan, Kim Dae-Sik.