Companies in South Korea have no intention of leaving the Russian market. They even consider buying out businesses that have left the country.
Firms like Lotte, Hyundai Motor, and CJ are contemplating acquiring the US and Japanese businesses that are now withdrawing from the Russian market. At the same time, many South Korean firms fear the reaction of the Western world.
In 2021, the volume of trade between Russia and South Korea exceeded $27 billion. Back then, South Korean exports to Russia increased by 45% to $10 billion, last recorded in 2014. Meanwhile, its imports grew by 63% to $17 billion, the high unseen since 2018.
According to South Korea’s Customs Service, the country’s exports to Russia plummeted by 71% in April 2022 compared to the same period in 2021. However, imports from Russia, mainly mineral commodities, surged by 44% in March and by 8% in April. In the first four months of 2022, trade between the countries totaled $9.3 billion, up by 24% from the previous year.
