Seoul (Reuters) -South Korean sub -industry ministered on Monday concern about the potential impact on the country's trade of recent US strikes on Iran.
“As the Middle East position enters a new era due to US air aircraft on Iranian nuclear facilities, there are concerns about the impact on our exports and imports,” said First-Hak sub-industry minister Moon Shin-hak at a meeting to monitor monthly exports, according to the ministry.
South Korea is Asia's fourth largest economy and depends on exports.
Officers on Sunday held an emergency security meeting to assess the potential economic impact of the United States military action.
Seoul has deepened its reliance on crude oil imports from the Middle East, which accounted for 72% of total imports in 2023.
Oil prices jumped on Monday to its highest since January and market participants are preparing for further price gains in the midst of fears that Iranian revenge could include closing the Hormuz strait, where about a fifth of the world's raw supply flows through.
South Korean President Lee Jae Myung will not attend this week's NATO summit, noting uncertainty caused by the Middle East position, his office said earlier.
(Reported by Ju-Min Park; Edited by Kate Mayberry)