According to a report based on the survey of some 528 companies and released on Tuesday by the Korea International Trade Association (KITA), some 79.2 percent of South Korean firms that halted exports to Moscow due to the war expressed their intention to return to the market.
The main reasons cited were the potential for recovery in the Russian market and the desire to maintain relationships with existing buyers.
The report also showed South Korea's exports to Russia peaked at $10 billion in 2021 before dropping to $4.53 billion in 2024, mainly due to war-related international sanctions. During the same period, the number of South Korean exporters fell sharply from 4,003 to 1,861.
These sanctions raised the number of export items requiring specific approval to a staggering 1,431, encompassing not only strategic goods but also some non-strategic items.
Firms that halted exports to Russia also struggled to find alternative markets, with only 37.2 percent of such companies have managed to enter other markets.
More than half of the surveyed companies or 51.8 percent, remained optimistic about the recovery of the Russian market, saying that if uncertainties are resolved, Russia could once again become a viable strategic market.
Nevertheless they cited several obstacles to returning to the market such as payment risks (69.9 percent), difficulties in logistics and transport (44.6 percent), and geopolitical instability (43.2 percent).
For these reasons, companies urged the government to provide support related to sanctions.
"Russia is a market we cannot afford to miss," said Yu Seo-kyung, a senior researcher at KITA. "It is important to come up with a trade-related roadmap based on recovery scenarios for the war," she added.
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