Trade between Russia and South Korea

South Korea's foreign trade

Main article: South Korea's Foreign Trade

2024

Russia increased annual barley exports to South Korea 130 times to 15.2 thousand tons

The volume of Russian barley supplies to South Korea increased 130 times and reached a historic maximum of 15.2 thousand tons in 2024. This became known on February 5, 2025 from the data of the South Korean Statistical Service.

According to Prime, thanks to a significant increase in exports, Russia rose from fifth to second place among barley suppliers to South Korea. In the first place is Australia with a supply volume of $20.1 million, in the third - the United States with an indicator of $3.6 million.

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Фото: Freepik

Barley exports from Russia to South Korea have been irregular and negligible in previous years. In 2023, the volume of supplies was only 92 tons, in 2020 - by $11 thousand, in 2019 - by $98 thousand, in 2013 - by $1 thousand, in 2010 - by $17 thousand.

At the same time, the supply of Russian wheat to South Korea decreased 1.7 times to 67.8 thousand tons, which became the minimum indicator since 2022. Russia dropped from seventh to tenth place among wheat exporters.

According to the publication, the three largest suppliers of wheat to South Korea included the United States with exports of $522.4 million, Australia - $396.8 million and Ukraine - $179.1 million.

The largest volume of Russian grain exports to South Korea in 2024 fell on corn - 228 thousand tons, which is 1.4% less than in 2023. Also, the South Korean side increased purchases of Russian oats by 58% to 853 tons.

The surge in barley supplies shows increased trade ties between Russia and South Korea in the agricultural sector. The figures achieved in 2024 were a record in the history of trade between the two countries.

Diversification of grain exports allows Russia to expand its presence in Asian markets and compensate for the decline in wheat supplies.^[1]

Russia came in second place in terms of fish supplies to South Korea

The Federal Statistics Service of South Korea in early February 2025 published data according to which Russia ranked second in terms of fish and seafood exports to the country with a supply of $897.5 million, losing leadership to China. Read more here.

2023: Russia halves seafood shipments to South Korea but remains biggest exporter

At the end of 2023, Russia halved the supply of seafood to South Korea, but remained the largest exporter. This was announced in January 2024 by the head of the fisheries information agency Alexander Savelyev, citing data from South Korean customs statistics.

But, despite such a reduction, the share of Russian products in the total volume of Korean imports in this area amounted to almost 30%. Thus, Russia remained the largest supplier of seafood to South Korea, he said in a conversation with Interfax.

Russia halved seafood supplies to South Korea

According to Savelyev, frozen pollock accounts for the main export of Russian seafood to South Korea. The second most imported fish was herring ice cream. In third place is frozen pollock caviar, in fourth - frozen sardines, in fifth - frozen yellowfin flounder, in sixth - frozen pollock milks.

There are also data according to which, in addition, Russia the top ten largest suppliers of seafood to the South Korean market at the end of 2023 also includes the following countries:,, China,, Norway,, Peru,, and Vietnam. USA Taiwan Chile Japan The average import Mexico price of seafood imported into South Korea in 2023 was $4.71 per 1 kg, the agency adds.

China in 2023 supplied 212 thousand tons of seafood to South Korea, which is 1.4% more than a year ago. The largest share in Chinese exports was taken by the frozen sea devil. Norway, one of the three largest suppliers of seafood to the South Korean market, in 2023 reduced exports by 10.7%, to 78 thousand tons. Peru ships mainly giant squid to South Korea, Vietnam - octopuses, the United States - yellowfin flounder, Taiwan - Saira.^[2]

2022

Growth in motor oil supplies to Russia by 116% to $229 million

In early July 2023, it became known that the export of engine oils from South Korea to Russia in 2022 more than doubled compared to the previous year.

According to the Financial Times newspaper, citing statistics from the South Korean government, the export of engine oils from this country to Russia in 2022 amounted to approximately $229 million in monetary terms. This is 116.7% more compared to the result for 2021. Oils, as noted, can be used in military equipment, in particular, in tanks, armored cars, etc.

South Korea increases annual exports of engine oil to Russia by 116%

The surge in supplies occurred after Western oil companies, including Total, Shell and BP, in the current geopolitical situation decided to reduce activities in Russia.

It is said that as a result of the departure of Western companies, SK Enmove (a subsidiary of the South Korean conglomerate SK Group) and GS Caltex (a joint venture of the South Korean GS Group and the American energy conglomerate Chevron) were able to increase income through the supply of engine oils to Russia. In particular, SK Enmove and GS Caltex delivered engine oil to Russia in the amount of about $2.8 million in January 2022. Since then, their volumes have risen sharply, peaking at about $28 million in March 2023.

SK Enmove accounts for 6.5% of Russian imports of engine oils, while GS Caltex accounts for just over 5%. Both manufacturers, according to the Financial Times, admitted that they won as a result of the departure of their competitors from the Russian market. At the same time, they say that they have taken precautions so that their products are not used for military purposes. Thus, GS Caltex said that "there is no chance" that its products can be used for military purposes, since the contract with the Russian side "contains clear rules for reselling products."^[3]

Increase in coal imports from Russia by 24%

Russian coal miners, through the provision of discounts, increased deliveries to South Korea by 24% in 2022, displacing the main player in this market - Australia. The growth of supplies was facilitated by a short transport arm from the Far East, as well as relatively affordable freight rates, which periodically allowed cargo to be sent to South Korea even from the ports of the European part of the Russian Federation.

Reduction in exports to Russia by 36% in the first 7 months

According to statistics from the South Korean Customs Service, the supply of South Korean goods to Russia decreased by 36% in January-July 2022. Exports to Russia amounted to $3.5 billion, with last year's level of $5.5 billion.

2021

Fifth largest importer to Russia

Energy imports from Russia

For 2021 Russia , it sends most of its coal to Asia, as it Europe avoids this fuel.

Russia's share in coal imports of some countries in 2021

2019: Lower trade with Russia relative to 2014

Over 5 years, trade has decreased with all key partners of the Russian Federation, except for China

Leading countries in terms of imports to Russia in 2019

Notes