Crude Petroleum in South Korea | The Observatory of Economic Complexity

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Exports In 2022, South Korea exported $199M in Crude Petroleum, making it the 66th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 278th most exported product in South Korea. The main destination of Crude Petroleum exports from South Korea are: India ($198M), Guatemala ($372k), Belgium ($4.89k), United States ($2.66k), and Ireland ($308).

The fastest growing export markets for Crude Petroleum of South Korea between 2021 and 2022 were India ($154M), Guatemala ($65.6k), and Belgium ($4.67k).

Imports In 2022, South Korea imported $89.1B in Crude Petroleum, becoming the 4th largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1st most imported product in South Korea. South Korea imports Crude Petroleum primarily from: Saudi Arabia ($32.5B), United States ($13.2B), Kuwait ($9.26B), United Arab Emirates ($7.97B), and Iraq ($7.35B).

The fastest growing import markets in Crude Petroleum for South Korea between 2021 and 2022 were Saudi Arabia ($13.8B), United States ($4.67B), and United Arab Emirates ($4.52B).

COMPANIES In 2023, leading companies such as were at the forefront of shipping Crude Petroleum from South Korea to the United States.

Latest Trends

February 2024

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Overview In February 2024 South Korea's Crude Petroleum exports accounted up to $0 and imports accounted up to $7.32B, resulting in a negative trade balance of $7.32B. Between February 2023 and February 2024 the exports of South Korea's Crude Petroleum have remained the same by $0 (N/A%) from $0 to $0, while imports increased by $68.5M (0.94%) from $7.25B to $7.32B.

Destinations In February 2024, Crude Petroleum were exported mostly to Algeria ($0), Mozambique ($0), Nigeria ($0), United Arab Emirates ($0), and Indonesia ($0), and were imported mostly from Saudi Arabia ($2.21B), United States ($1.12B), United Arab Emirates ($943M), Kuwait ($797M), and Iraq ($659M).

Growth In February 2024, the change in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In February 2024, the increase in Crude Petroleum's year-by-year imports was explained primarily by an increase in imports from Iraq ($278M or 98.9%), Australia ($200M or 395%), and Kazakhstan ($187M or 235%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

IMPORT GROWTH (February 2023 - February 2024)$68.5M(0.94%)

MAIN DESTINATION (February 2024)Algeria$0

This section shows Crude 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 Crude Petroleum over time.

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