A crude oil tanker sails through the Persian Gulf towards Kharq Island to transport crude oil to export markets in the Persian Gulf, Iran. (Bloomberg)

April 22, 2019

Iran’s imports from South Korea has dramatically dropped during the past two years according to figures released by the joint Iran-Korea chamber of commerce.

Meanwhile, Iran’s export to South Korea has dropped from $4386 in 2017 million to $1806 million during the first 11 months of 2018.

This is a record low since 2015 when Iran and the West made a nuclear agreement to limit Iran’s nuclear program and lift international sanctions on Iran in return.

Iran’s international trade grew during 2016 and 2017 up to May 2018 when the United States pulled out of the nuclear agreement and later re-imposed new sanctions on Tehran.

Two rounds of sanctions in August and November 2018 hit Iran’s economy, most notably its international banking and foreign trade.

Pouya Firouzi, the secretary general of Iran and South Korea’s joint chamber of commerce has told Fars news agency on Saturday April 20 that problems in the areas of transportation and insurance have led to a decline in trade between Iran and South Korea.

RFE/RL

About Track Persia

Track PersiaTrack Persia is a Platform run by dedicated analysts who spend much of their time researching the Middle East, in due process we fall upon many indications of growing expansionary ambitions on the part of Iran in the MENA region and the wider Islamic world. These ambitions commonly increase tensions and undermine stability.