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2022
Exports $199MWorld Rnk 66 / 149
Flag Rnk 278 / 1204
2022
Destination $154M India
2021 - 2022
FASTEST GROWING MARKET $154MIndia
2022
PRODUCT COMPLEXITY IN Crude Petroleum-2.25Rnk 1011 / 1025
2022
Imports $89.1BWorld Rnk 4 / 158
Flag Rnk 1 / 1213
2022
Origin $13.8B Saudi Arabia
2021 - 2022
FASTEST GROWING ORIGIN $13.8BSaudi Arabia
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

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).

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Crude Petroleum exports accounted up to $0 and imports accounted up to $6.61B, resulting in a negative trade balance of $6.61B. Between October 2023 and October 2024 the exports of South Korea's   Crude Petroleum have remained the same by $0 (N/A%) from $0 to $0, while imports decreased by $-1.45B (-18%) from $8.06B to $6.61B.

Destinations In October 2024, Crude Petroleum were exported mostly to Algeria ($0), Equatorial Guinea ($0), Nigeria ($0), United Arab Emirates ($0), and Indonesia ($0), and were imported mostly from Saudi Arabia ($2.35B), United States ($1.07B), United Arab Emirates ($1.07B), Iraq ($563M), and Kuwait ($523M).

Growth In October 2024, the change in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In October 2024, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Kuwait ($-220M or -24.6%), Saudi Arabia ($-188M or -6.96%), and Mexico ($-134M or -42.8%).

Subnational Monthly Trade

Time Scale
Flow
Color
IMPORT GROWTH (October 2023 - October 2024)$-1.45B(-18%)
MAIN DESTINATION (October 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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Historical Data

Trade Balance

Color
EXPORTS (2022)$199M
IMPORTS (2022)$89.1B
NET TRADE (2022)-$88.9B

In 2022, South Korea exported $199M in Crude Petroleum. The main destinations of South Korea exports on Crude Petroleum were India ($198M), Guatemala ($372k), Belgium ($4.89k), United States ($2.66k), and Ireland ($308).

In 2022, South Korea imported $89.1B in Crude Petroleum, mainly from Saudi Arabia ($32.5B), United States ($13.2B), Kuwait ($9.26B), United Arab Emirates ($7.97B), and Iraq ($7.35B).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
India$154M (347%)
Guatemala$65.6k (21.4%)
Belgium$4.67k (2.1k%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY South Korea WERE (2021 - 2022):
Brunei-$100M (-100%)
Philippines-$43.7M (-100%)
Australia-$8.55M (-100%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Crude Petroleum were:
Saudi Arabia $236B
Russia $133B
Canada $123B
In 2022, South Korea's main importing competitors in Crude Petroleum were:
China $287B
United States $199B
India $170B

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Trade Value of Crude Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $92.6M
TOP IMPORT POTENTIALRussia+ $1.53B

Crude Petroleum’s highest export potential is India. With an export gap of $92.6M.   Crude Petroleum’s highest import potential is Russia with an import gap of $1.53B.

See methodology.

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