Crude Petroleum in South Korea 2020 Exports | Imports : $256M | $42.2B, World Rnk 55 / 132 Rnk 209 / 1207 | World Rnk 4 / 145 Rnk 1 / 1211
2020 ECONOMIC COMPLEXITY of South Korea: 1.88, Rnk 5 / 127
2020 PRODUCT COMPLEXITY IN Crude Petroleum: -2.2, Rnk 1018 / 1029
Exports In 2020, South Korea exported $256M in Crude Petroleum, making it the 55th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 209th most exported product in South Korea. The main destination of Crude Petroleum exports from South Korea are: Philippines ($110M), Pakistan ($55.9M), China ($41.5M), Thailand ($26.4M), and Brunei ($12M).
Imports In 2020, South Korea imported $42.2B 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 ($12.8B), Russia ($5.03B), United States ($4.88B), Kuwait ($4.78B), and United Arab Emirates ($3.18B).
The fastest growing import markets in Crude Petroleum for South Korea between 2019 and 2020 were Brazil ($541M), United Kingdom ($484M), and Norway ($276M).
Tariffs In 2018, the average tariff for South Korea in Crude Petroleum was 2.38%. The countries with the highest import tariffs for Crude Petroleum were Angola (Most Favoured Nation duty rate treatement, 3%), Burundi (Most Favoured Nation duty rate treatement, 3%), Benin (Most Favoured Nation duty rate treatement, 3%), Burkina Faso (Most Favoured Nation duty rate treatement, 3%), and Botswana (Most Favoured Nation duty rate treatement, 3%).
Overview In January 2023 South Korea's Crude Petroleum exports accounted up to $0 and imports accounted up to $6.94B, resulting in a negative trade balance of $6.94B. Between January 2022 and January 2023 the exports of South Korea's Crude Petroleum have remained the same by $0 (N/A%) from $0 to $0, while imports decreased by $-560M (-7.47%) from $7.5B to $6.94B.
Destinations In January 2023, Crude Petroleum were exported mostly to Algeria ($0), Nigeria ($0), United Arab Emirates ($0), Indonesia ($0), and Iraq ($0), and were imported mostly from Saudi Arabia ($2.52B), United States ($1.31B), Kuwait ($673M), Iraq ($559M), and United Arab Emirates ($508M).
Growth In January 2023, the change in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In January 2023, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Kazakhstan ($-85.1M or -51.7%), Norway ($-62.5M or -60.8%), and Iraq ($-27M or -8.76%).
IMPORT GROWTH (January 2022 - January 2023): $-560M, (-7.47%)
MAIN DESTINATION (January 2023): 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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EXPORTS (2020): $256M
IMPORTS (2020): $42.2B
NET TRADE (2020): -$41.9B
In 2020, South Korea exported $256M in Crude Petroleum. The main destinations of South Korea exports on Crude Petroleum were Philippines ($110M), Pakistan ($55.9M), China ($41.5M), Thailand ($26.4M), and Brunei ($12M).
In 2020, South Korea imported $42.2B in Crude Petroleum, mainly from Saudi Arabia ($12.8B), Russia ($5.03B), United States ($4.88B), Kuwait ($4.78B), and United Arab Emirates ($3.18B).
In 2020, South Korea's main exporting competitors in Crude Petroleum were:
In 2020, South Korea's main importing competitors in Crude Petroleum were:
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