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Bleak times as Korea, Nigeria trade volume decreases

The Consul-General of the Republic of Korea in Lagos, Mr In-Taek Kim, on Thursday announced a sharp decrease in the volume of trade between Nigeria and Korea in 2018.
In-Taek told the News Agency of Nigeria (NAN) in Lagos that trade between both countries that was N954.68billion last year had dropped to N403.8million between January and August, this year.
“In 2017, the volume of trade between Nigeria and Korea was 2,622,883,405 USD (about N954.68billion). This was about a 63 per cent increase over what was recorded in our trade volume in 2016.
“But, in the last eight months of this year, 2018, between January and August, we have only recorded a trade volume of 1,109,404 USD (N403.8million).
“Let me also add that in 2015 and 2016, the economy of Nigeria experienced a recession, leading to a decrease in our trade volume,’’ he said.
The consul-general said that in spite of the decrease, this year, Korean exports to Nigeria had increased by 55 per cent.
He said that Korean exports to Nigeria were diesel, synthetic resin, jet oil, cars, battery and pharmaceuticals, while Nigeria exported liquefied gas, liquefied petroleum gas, copper and scraps, lead and scraps to Korea.
In-Taek, also his government’s Minister Counsellor to Nigeria, said that many new Korean companies had indicated their readiness to come to do business, as well as invest in Nigeria.
“More Korean companies are more than willing to come to Nigeria and invest.
“Engineering and construction companies like Samsung Heavy Industries (Egina FPSOI), Lotte Chemical and others are interested in coming to Nigeria.
“Besides these big companies, small and medium-sized companies like FUHARA (mask pack) are planning to come and establish their offices in Nigeria,’’ he said. (NAN)

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