Mineral fuels, mineral oils and products of their distillation in South Korea

About

Exports In 2023, South Korea exported $52.5B in Mineral fuels, mineral oils and products of their distillation, making it the 19th largest exporter of Mineral fuels, mineral oils and products of their distillation in the world. At the same year, Mineral fuels, mineral oils and products of their distillation was the 4th most exported product in South Korea. The main destination of Mineral fuels, mineral oils and products of their distillation exports from South Korea are: Australia ($11.1B), Japan ($5.66B), China ($4.92B), United States ($4.9B), and Singapore ($4.66B).

The fastest growing export markets for Mineral fuels, mineral oils and products of their distillation of South Korea between 2022 and 2023 were Australia ($1.05B), New Zealand ($961M), and Nigeria ($868M).

Imports In 2023, South Korea imported $68.2B in Mineral fuels, mineral oils and products of their distillation, becoming the 12th largest importer of Mineral fuels, mineral oils and products of their distillation in the world. At the same year, Mineral fuels, mineral oils and products of their distillation was the 2nd most imported product in South Korea. South Korea imports Mineral fuels, mineral oils and products of their distillation primarily from: United States ($17.2B), Qatar ($12.1B), Australia ($8.46B), Malaysia ($4.78B), and Indonesia ($4.1B).

The fastest growing import markets in Mineral fuels, mineral oils and products of their distillation for South Korea between 2022 and 2023 were Japan ($1.5B), Singapore ($1.12B), and China ($949M).

COMPANIES In 2024, leading companies such as General Motors (25), LG Electronics (23), and Nexen Tire (4) were at the forefront of shipping Mineral fuels, mineral oils and products of their distillation from South Korea to the United States.

Latest Trends

December 2024

About

Overview In December 2024 South Korea's Mineral fuels, mineral oils and products of their distillation exports accounted up to $4.1B and imports accounted up to $12.8B, resulting in a negative trade balance of $8.67B. Between December 2023 and December 2024 the exports of South Korea's Mineral fuels, mineral oils and products of their distillation have decreased by $-556M (-11.9%) from $4.66B to $4.1B, while imports decreased by $-2.87B (-18.4%) from $15.6B to $12.8B.

Destinations In December 2024, Mineral fuels, mineral oils and products of their distillation were exported mostly to Japan ($761M), Singapore ($606M), Australia ($517M), United States ($406M), and Philippines ($302M), and were imported mostly from Saudi Arabia ($2.52B), United States ($1.69B), Australia ($1.28B), Qatar ($1.15B), and Iraq ($937M).

Growth In December 2024, the decrease in Mineral fuels, mineral oils and products of their distillation's year-by-year exports was explained primarily by a decrease in exports to Philippines ($-164M or -42.2%), Malaysia ($-99.7M or -35.8%), and Tanzania ($-71M or -99.6%). In December 2024, the decrease in Mineral fuels, mineral oils and products of their distillation's year-by-year imports was explained primarily by a decrease in imports from Australia ($-1.05B or -36.8%), United States ($-622M or -23.4%), and Oman ($-436M or -48.8%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (December 2023 - December 2024)$-556M(-11.9%)

IMPORT GROWTH (December 2023 - December 2024)$-2.87B(-18.4%)

MAIN DESTINATION (December 2024)Japan$761M

This section shows Mineral fuels, mineral oils and products of their distillation'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 Mineral fuels, mineral oils and products of their distillation over time.

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