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2023
Exports $63.3MWorld Rnk 76 / 150
Flag Rnk 408 / 1188
2023
Destination $1.52k India
2022 - 2023
FASTEST GROWING MARKET $1.52kCosta Rica
2023
PRODUCT COMPLEXITY IN Crude Petroleum-2.37Rnk 1015 / 1025
2023
Imports $20.6BWorld Rnk 15 / 159
Flag Rnk 3 / 1208
2023
Origin $139M United States
2022 - 2023
FASTEST GROWING ORIGIN $139MChina
2023
ECONOMIC COMPLEXITY of South Korea1.85Rnk 4 / 132

About

Exports In 2023, South Korea exported $63.3M in Crude Petroleum, making it the 76th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 408th most exported product in South Korea. The main destination of Crude Petroleum exports from South Korea are: India ($62.9M), Guatemala ($414k), Costa Rica ($1.52k), Thailand ($340), and Malawi ($4).

The fastest growing export markets for Crude Petroleum of South Korea between 2022 and 2023 were Costa Rica ($1.52k), Thailand ($340), and Malawi ($4).

Imports In 2023, South Korea imported $20.6B in Crude Petroleum, becoming the 15th largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 3rd most imported product in South Korea. South Korea imports Crude Petroleum primarily from: United States ($12.1B), Kazakhstan ($3.65B), Australia ($1.47B), Qatar ($1.07B), and Brazil ($1.07B).

The fastest growing import markets in Crude Petroleum for South Korea between 2022 and 2023 were China ($139M), Indonesia ($38.9M), and Malaysia ($34.8M).

Latest Trends

December 2024

About

Overview In December 2024 South Korea's Crude Petroleum exports accounted up to $0 and imports accounted up to $6.04B, resulting in a negative trade balance of $6.04B. Between December 2023 and December 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 $-1.86B (-23.5%) from $7.9B to $6.04B.

Destinations In December 2024, Crude Petroleum were exported mostly to Algeria ($0), Senegal ($0), United Arab Emirates ($0), Indonesia ($0), and Iraq ($0), and were imported mostly from Saudi Arabia ($2.47B), United States ($947M), United Arab Emirates ($694M), Iraq ($672M), and Kuwait ($388M).

Growth In December 2024, the change in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In December 2024, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Australia ($-156M or -62.3%), United States ($-122M or -9.28%), and Brazil ($-86.2M or -52.4%).

Subnational Monthly Trade

Time Scale
Flow
Color
IMPORT GROWTH (December 2023 - December 2024)$-1.86B(-23.5%)
MAIN DESTINATION (December 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 (2023)$63.3M
IMPORTS (2023)$20.6B
NET TRADE (2023)-$20.6B

In 2023, South Korea exported $63.3M in Crude Petroleum. The main destinations of South Korea exports on Crude Petroleum were India ($62.9M), Guatemala ($414k), Costa Rica ($1.52k), Thailand ($340), and Malawi ($4).

In 2023, South Korea imported $20.6B in Crude Petroleum, mainly from United States ($12.1B), Kazakhstan ($3.65B), Australia ($1.47B), Qatar ($1.07B), and Brazil ($1.07B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR South Korea WERE (2022 - 2023):
Costa Rica$1.52k (1%)
Thailand$340 (1%)
Malawi$4 (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY South Korea WERE (2022 - 2023):
India-$136M (-68.3%)
Guatemala-$20.1k (-4.63%)
United States-$2.66k (-100%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, South Korea's main exporting competitors in Crude Petroleum were:
Saudi Arabia $181B
United States $125B
Russia $122B
In 2023, South Korea's main importing competitors in Crude Petroleum were:
China $319B
United States $170B
India $140B

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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.

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