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South Korea's Middle East Exports 63% Concentrated in Gulf Nations; Warns of Economic Damage Amid Iran Escalation
Escalation of Middle East Conflict Amplifies Concerns for South Korean Economy
The Middle East situation is escalating, with Iran directly targeting critical infrastructure within Gulf Cooperation Council (GCC) nations in response to United States and Israeli airstrikes against Iran. As a result, concerns have been raised about potential damage to the South Korean economy, which relies on the GCC for the majority of its economic cooperation with the Middle East. According to a report from the Korea Institute for International Economic Policy (KIEP) on the 13th, the expanded conflict in the Middle East is projected to have a severe impact on GCC oil-producing nations.
High Economic Dependence on GCC
As of last year, South Korea's trade with the six GCC member states (Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, and Bahrain) accounted for 63% of its total Middle East exports, 77.9% of imports, and 69.1% of construction orders. In particular, Iran's threat to blockade the Strait of Hormuz is causing significant disruptions to trade with GCC nations, thereby escalating risks in energy and raw material supply. Last year, South Korea relied on the GCC for 58.7% of its total crude oil imports and 17.7% of natural gas imports. Furthermore, most of its key industrial raw materials, including gypsum (Oman), helium (Qatar), and triethanolamine (Saudi Arabia), are also imported from GCC nations.
*Source: Munhwa Ilbo (March 13, 2026)*
