New Delhi, Jun 2 (PTI) The bilateral trade between India and Korea grew 40 per cent to USD 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 USD 16.9 billion.

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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.

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

As per KOTRA, Korea made record imports of USD 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)