Refined Petroleum in South Korea 2020 Exports | Imports : $23.3B | $12.9B, World Rnk 7 / 212 Rnk 3 / 1207 | World Rnk 9 / 224 Rnk 4 / 1211
2019 - 2020 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $28.1M | $494M, Djibouti | Greece
2020 ECONOMIC COMPLEXITY of South Korea: 1.88, Rnk 5 / 127
2020 PRODUCT COMPLEXITY IN Refined Petroleum: -0.94, Rnk 822 / 1029
Exports In 2020, South Korea exported $23.3B in Refined Petroleum, making it the 7th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 3rd most exported product in South Korea. The main destination of Refined Petroleum exports from South Korea are: China ($5.62B), Japan ($2.75B), United States ($2.37B), Singapore ($1.91B), and Australia ($1.55B).
The fastest growing export markets for Refined Petroleum of South Korea between 2019 and 2020 were Djibouti ($28.1M), Burkina Faso ($24.1M), and Brunei ($10.8M).
Imports In 2020, South Korea imported $12.9B in Refined Petroleum, becoming the 9th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 4th most imported product in South Korea. South Korea imports Refined Petroleum primarily from: Russia ($1.65B), United Arab Emirates ($1.55B), Japan ($1.14B), China ($1.07B), and India ($901M).
The fastest growing import markets in Refined Petroleum for South Korea between 2019 and 2020 were Greece ($494M), Iraq ($263M), and United States ($209M).
Tariffs In 2018, the average tariff for South Korea in Refined Petroleum was 4.69%. The countries with the highest import tariffs for Refined Petroleum were Angola (Most Favoured Nation duty rate treatement, 5.72%), Burundi (Most Favoured Nation duty rate treatement, 5.72%), Benin (Most Favoured Nation duty rate treatement, 5.72%), Burkina Faso (Most Favoured Nation duty rate treatement, 5.72%), and Botswana (Most Favoured Nation duty rate treatement, 5.72%).
Overview In January 2023 South Korea's Refined Petroleum exports accounted up to $4.04B and imports accounted up to $1.93B, resulting in a positive trade balance of $2.11B. Between January 2022 and January 2023 the exports of South Korea's Refined Petroleum have increased by $588M (17.1%) from $3.45B to $4.04B, while imports decreased by $-209M (-9.79%) from $2.14B to $1.93B.
Destinations In January 2023, Refined Petroleum were exported mostly to Australia ($668M), United States ($464M), Singapore ($449M), Japan ($392M), and Philippines ($347M), and were imported mostly from United Arab Emirates ($450M), Algeria ($355M), India ($167M), Malaysia ($126M), and Qatar ($123M).
Growth In January 2023, the increase in Refined Petroleum's year-by-year exports was explained primarily by an increase in exports to Singapore ($310M or 297%), United States ($287M or 196%), and Australia ($197M or 137%). In January 2023, the decrease in Refined Petroleum's year-by-year imports was explained primarily by a decrease in imports from China ($-21.6M or -76.3%), Peru ($-18.9M or -100%), and Israel ($-13.6M or -99.7%).
EXPORT GROWTH (January 2022 - January 2023): $588M, (17.1%)
IMPORT GROWTH (January 2022 - January 2023): $-209M, (-9.79%)
MAIN DESTINATION (January 2023): Australia, $668M
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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EXPORTS (2020): $23.3B
IMPORTS (2020): $12.9B
NET TRADE (2020): $10.3B
In 2020, South Korea exported $23.3B in Refined Petroleum. The main destinations of South Korea exports on Refined Petroleum were China ($5.62B), Japan ($2.75B), United States ($2.37B), Singapore ($1.91B), and Australia ($1.55B).
In 2020, South Korea imported $12.9B in Refined Petroleum, mainly from Russia ($1.65B), United Arab Emirates ($1.55B), Japan ($1.14B), China ($1.07B), and India ($901M).
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR South Korea WERE (2019 - 2020):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY South Korea WERE (2019 - 2020):
In 2020, South Korea's main exporting competitors in Refined Petroleum were:
In 2020, South Korea's main importing competitors in Refined Petroleum were:
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