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South Korea's Lee to seek big boost in economic ties in summit with ...
South Korean President Lee Jae Myung in New Delhi for key talks on AI, semiconductors, & tradeListen to this article in summarized formatSEOUL: South Korean President Lee Jae Myung heads into talks with Prime Minister Narendra Modi in New Delhi on Monday, aiming for a big boost in economic cooperation, particularly in areas such as shipbuilding.It is the first South Korean presidential state visit to India in eight years."The level of economic cooperation between South Korea and India is still very low," Lee said on Sunday at a dinner meeting with members of the Korean community in New Delhi. "Going forward, we will expand that space and make the relationship between South Korea and India completely different from what it is now."The two countries are seeking to improve their Comprehensive Economic Partnership Agreement with the aim of nearly doubling bilateral trade to $50 billion by 2030 from $25.7 billion last year, according to presidential adviser Wi Sung-lac.During his stay, Lee will also take part in business events with corporate leaders. Other areas where the countries might work together include finance, artificial intelligence and defence, Wi said.SEOUL LOOKS TO NEW DELHI FOR NAPHTHA Lee said on Sunday that supply chain instability and global economic strains linked to the Iran war will make the countries "the most important strategic partners" for each other. He also described India as no longer just a consumer market, but a key country in global production and supply chains.Popular in EconomyLast month, South Korea urgently asked India to expand naphtha supplies, seeking to cushion potential disruption from Middle East tensions.India accounted for about 8% of South Korea's naphtha imports last year. South Korean Trade Minister Yeo Han-koo said greater imports could also help ease trade imbalances between the two countries. South Korea had a $12.8 billion trade surplus last year, with exports worth $19.2 billion and imports of $6.4 billion, according to Korea International Trade Association data.In a policy seminar at South Korea's parliament last week, Maeng Hyun-chul, a research fellow at Seoul National University's Asia Center, noted India's longstanding complaint of a widening trade deficit with South Korea and said that political ties had not kept pace with commercial ties.He said shipbuilding could emerge as an area for greater cooperation because it matches India's priority on job creation while drawing on South Korean industrial...
South Korea's Solid Export Growth Is Offsetting Weak Domestic Demand
South Korea's robust exports are driving a projected 1.0% GDP rebound, offsetting weak domestic demand and a cooling labor market. South Korea's exporters performed robustly in the first quarter, overcoming rising input costs and supply constraints and offsetting weaker domestic demand.
South Korea - Economic Indicators - Moody's Analytics
South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
The interesting correlation between South Korean exports and U.S. ...
... showing very strong trends.” The AI-driven demand for semiconductors has amplified the predictive power of South Korean export data. Early earnings season ...
