South Korea's exports to India jump over 30% in Jan.-Aug. on chip demand
South Korea's exports to India jumped 30.8% on-year to $16.8 billion in Jan.-Aug., driven by strong chip demand, KOTRA said.
Shipments to India rose 30.8 percent on-year to $16.8 billion during January-August, from $12.84 billion a year earlier, KOTRA said. India is stepping up investment in artificial intelligence, data centers and related infrastructure under its “Make in India” initiative as it seeks to become a global manufacturing hub, and Korean chipmakers and suppliers of materials, parts and equipment have expanded their presence in the market, the agency said.
“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,” KOTRA President and CEO Kang Kyung-sung said. KOTRA aims to help boost bilateral trade with India to $50 billion by 2030, with opportunities spanning sectors from semiconductors to consumer goods, he added.
In April, President Lee Jae Myung and Indian Prime Minister Narendra Modi held a summit in India, agreeing to accelerate negotiations to upgrade the two countries’ Comprehensive Economic Partnership Agreement (CEPA), targeting a doubling of annual bilateral trade to $50 billion by 2030.
Imports from India increased 16.2 percent to $5.03 billion in January-August from $4.33 billion a year earlier, bringing total bilateral trade to $21.8 billion, according to KOTRA data.