The Yoon Suk-yeol administration introduced its Indo-Pacific Strategy in late 2022, highlighting the country’s focus on expanding its diplomatic and trade ties with Southeast Asia. However, the extent of South Korea’s outreach to India falls short compared to its other regional partners despite the strategy’s name.

Between 2015 and 2022, trade figures show China’s continued dominance in South Korean trade, although its share slightly decreased by 3.2%. In contrast, trade with the U.S. and other Asian countries has increased by 2.8% and 6.3%, respectively. South Korea’s trade with Vietnam stands out as its exports to the Southeast Asian country have surged from $27.7 billion to $61 billion.