Korea-Iran trade suffers from resumed U.S. sanctions

SEOUL, Oct. 5 (Yonhap) -- South Korea's trade with Iran dipped this year due to resumed U.S. sanctions on the Middle East nation, data from a local organization showed Friday, with more losses likely when the sanctions are strengthened next month. An exports tally from January to August by the Korea International Trade Association (KITA) totaled US$2.08 billion, down 21.9 percent from the same period last year. Imports amounted to $4.05 billion, a fall of 23.7 percent, for a trade deficit of $1.98 billion. Trade showed a drastic fall in August when the U.S. sanctions on Iran were reimposed, with exports plummeting 41.6 percent to $140 million. Automobile exports to Iran were down 29.4 percent, while shipments of boiler machines fell 14.5 percent. Exports of plastic lost 34.7 percent, and steel 93.6 percent. Imports in August lost 67.8 percent to $160 million. Some 96.4 percent of South Korea's imports from Iran during the measured period were for crude oil, amounting to $3.91 billion. Oil imports in July reached $470 million. In August, it fell to $150 million. KITA officials said the trade figures will likely suffer more when stronger U.S. sanctions covering petroleum, shipbuilding, shipping and finance take effect from Nov. 5. KITA figures showed 2,671 South Korean companies were trading with Iran as of the end of 2017. (END)