Bilateral commerce between South Korea and India increased by 17 per cent to US $ 27.8 billion in 2022. India’s exports of clothing to South Korea also rose by 51 per cent. However, in 2022, India’s exports of fabric and yarn fell year-over-year. While yarn imports from South Korea remained negative over the past year, India’s fabric imports have seen an upward trend. It’s interesting to note that India exports more fabric and yarn than clothing.
The amount of clothing sent to South Korea increased significantly between 2021 and 2022, rising from US $ 39.002 million to US $ 59.451 million.
However, there has been a noticeable decline in the past year in the shipment of fabric and yarn from India to South Korea. India’s exports of textiles to South Korea fell from US $ 153.951 million in 2021 to US $ 131.948 million in 2022. Limited amounts of fabric are imported by India from South Korea, with 2022 imports rising to US $ 37.135 million from US $ 34.266 million in 2021.
India exported yarn of US $ 133.765 million in 2022, a decrease from the US $ 184.032 million shipment in 2021. After COVID, yarn imports from South Korea rose, from US $ 36.793 million in 2020 to US $ 74.622 million in 2021, before falling to US $ 65.652 million in 2022.
