Refined Petroleum in South Korea | The Observatory of Economic Complexity

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Exports In 2022, South Korea exported $61.4B in Refined Petroleum, making it the 6th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 2nd most exported product in South Korea. The main destination of Refined Petroleum exports from South Korea are: Australia ($10.5B), Singapore ($7.15B), United States ($5.93B), Japan ($4.83B), and Philippines ($4.55B).

The fastest growing export markets for Refined Petroleum of South Korea between 2021 and 2022 were Australia ($7.17B), Philippines ($2.86B), and Singapore ($2.84B).

Imports In 2022, South Korea imported $26.1B in Refined Petroleum, becoming the 10th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 5th most imported product in South Korea. South Korea imports Refined Petroleum primarily from: United Arab Emirates ($4.55B), India ($2.58B), Japan ($2.3B), Algeria ($2.21B), and Qatar ($2.13B).

The fastest growing import markets in Refined Petroleum for South Korea between 2021 and 2022 were United Arab Emirates ($1.93B), Algeria ($1.06B), and Qatar ($916M).

COMPANIES In 2023, leading companies such as SAMSUNG ELECTRONICS AMERICA (686), LG ELECTRONICS U.S.A. INC. (356), and NEXEN TIRE AMERICA INC. (21) were at the forefront of shipping Refined Petroleum from South Korea to the United States.

Latest Trends

February 2024

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Overview In February 2024 South Korea's Refined Petroleum exports accounted up to $4.33B and imports accounted up to $1.82B, resulting in a positive trade balance of $2.52B. Between February 2023 and February 2024 the exports of South Korea's Refined Petroleum have decreased by $-189M (-4.18%) from $4.52B to $4.33B, while imports decreased by $-306M (-14.4%) from $2.12B to $1.82B.

Destinations In February 2024, Refined Petroleum were exported mostly to Australia ($776M), Japan ($532M), United States ($515M), Philippines ($401M), and Singapore ($374M), and were imported mostly from United Arab Emirates ($369M), India ($175M), Oman ($144M), Singapore ($142M), and Malaysia ($134M).

Growth In February 2024, the decrease in Refined Petroleum's year-by-year exports was explained primarily by a decrease in exports to Indonesia ($-104M or -69.7%), Togo ($-80.5M or -49%), and China ($-70.5M or -22.7%). In February 2024, the decrease in Refined Petroleum's year-by-year imports was explained primarily by a decrease in imports from Russia ($-388M or -100%), Iraq ($-135M or -100%), and Saudi Arabia ($-123M or -50.4%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$-189M(-4.18%)

IMPORT GROWTH (February 2023 - February 2024)$-306M(-14.4%)

MAIN DESTINATION (February 2024)Australia$776M

This section shows Refined Petroleum's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Refined Petroleum over time.

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