2022
Exports
$199MWorld Rnk 66 / 149
Flag Rnk 278 / 1204
2022
PRODUCT COMPLEXITY IN Crude Petroleum
-2.25Rnk 1011 / 1025
2022
Imports
$89.1BWorld Rnk 4 / 158
Flag Rnk 1 / 1213
2022
ECONOMIC COMPLEXITY of South Korea
1.78Rnk 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

August 2024

Subnational Monthly Trade

Time Scale
Flow
Color
IMPORT GROWTH (August 2023 - August 2024)$1.92B(30.6%)
MAIN DESTINATION (August 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%)

Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Crude Petroleum were:
In 2022, South Korea's main importing competitors in Crude Petroleum were:

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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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