S. Korea exports to India jump over 30 pct in Jan.-Aug. on chip demand

South Korea's exports to India surged over 30 percent in the first eight months of the year, reaching $16.8 billion, according to the Korea Trade-Investment Promotion Agency (KOTRA). The increase was primarily fueled by robust demand for semiconductors, a sector that has seen significant growth in recent years. India, in turn, is investing heavily in artificial intelligence, data centers, and related infrastructure as part of its ambitious "Make in India" initiative, aiming to become a key global manufacturing hub.

This demand for Korean chipmakers, materials, parts, and equipment companies has led to an expansion of their presence in the Indian market. KOTRA President and CEO Kang Kyung-sung highlighted the strong export performance as a sign of potential for more business opportunities in India, driven by the ongoing global supply chain reorganization.

KOTRA aims to double bilateral trade between South Korea and India to $50 billion by 2030, with opportunities ranging from semiconductors to consumer goods. In April, President Lee Jae-myung met with Indian Prime Minister Narendra Modi, pledging to expedite negotiations for upgrading their Comprehensive Economic Partnership Agreement (CEPA) to achieve this goal.

Imports from India also increased by 16.2 percent to $5.03 billion in the same period, bringing the total bilateral trade to $21.8 billion.