India & Korea bilateral trade grew 40% to $23.7 billion in 2021

New Delhi: The bilateral trade between India and Korea grew 40 per cent to $23.7 billion in 2021, according to Korea Trade-Investment Promotion Agency (KOTRA).

In 2020, the value of bilateral trade between the two countries was at $16.9 billion.

KOTRA is the economic division of the Embassy of the Republic of Korea in India.

According to KOTRA, the information on trade was disclosed by the Ambassador of the Republic of Korea to India Chang Jae-bok while inaugurating the 4th edition of Korea Fair in India (KFI) 2022 in New Delhi on Wednesday.

"Korea and India have a strong economic partnership and that is rapidly expanding. Bilateral trade between the two countries reached $23.7 billion in 2021. This was the highest-ever trade volume between the two countries, a 40 per cent increase over $16.9 billion (in 2020)," KOTRA said in a statement on Thursday quoting the ambassador.

As per KOTRA, Korea made record imports of $8.06 billion from India in 2021. During the year, all major imported items from India including iron ore (215.5 per cent) and aluminum (143.6 per cent) imports have shown a significant increase.