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2022
Exports $61.4BWorld Rnk 6 / 214
Flag Rnk 2 / 1204
2022
Destination $7.17B Australia
2021 - 2022
FASTEST GROWING MARKET $7.17BAustralia
2022
PRODUCT COMPLEXITY IN Refined Petroleum-0.87Rnk 795 / 1025
2022
Imports $26.1BWorld Rnk 10 / 225
Flag Rnk 5 / 1213
2022
Origin $1.93B United Arab Emirates
2021 - 2022
FASTEST GROWING ORIGIN $1.93BUnited Arab Emirates
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $61.4B in Refined Petroleum, making it the 6th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 2nd most exported product in South Korea. The main destination of Refined Petroleum exports from South Korea are: Australia ($10.5B), Singapore ($7.15B), United States ($5.93B), Japan ($4.83B), and Philippines ($4.55B).

The fastest growing export markets for Refined Petroleum of South Korea between 2021 and 2022 were Australia ($7.17B), Philippines ($2.86B), and Singapore ($2.84B).

Imports In 2022, South Korea imported $26.1B in Refined Petroleum, becoming the 10th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 5th most imported product in South Korea. South Korea imports Refined Petroleum primarily from: United Arab Emirates ($4.55B), India ($2.58B), Japan ($2.3B), Algeria ($2.21B), and Qatar ($2.13B).

The fastest growing import markets in Refined Petroleum for South Korea between 2021 and 2022 were United Arab Emirates ($1.93B), Algeria ($1.06B), and Qatar ($916M).

COMPANIES In 2023, leading companies such as Samsung (11), Tesla (5), and Nexen Tire (3) were at the forefront of shipping Refined Petroleum from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Refined Petroleum exports accounted up to $3.33B and imports accounted up to $1.93B, resulting in a positive trade balance of $1.4B. Between October 2023 and October 2024 the exports of South Korea's   Refined Petroleum have decreased by $-1.86B (-35.8%) from $5.19B to $3.33B, while imports decreased by $-304M (-13.6%) from $2.24B to $1.93B.

Destinations In October 2024, Refined Petroleum were exported mostly to Australia ($536M), Japan ($404M), United States ($331M), Philippines ($324M), and China ($247M), and were imported mostly from United Arab Emirates ($323M), Qatar ($301M), Kuwait ($255M), Algeria ($140M), and Indonesia ($128M).

Growth In October 2024, the decrease in Refined Petroleum's year-by-year exports was explained primarily by a decrease in exports to Indonesia ($-104M or -69.7%), Togo ($-80.5M or -49%), and China ($-70.5M or -22.7%). In October 2024, the decrease in Refined Petroleum's year-by-year imports was explained primarily by a decrease in imports from Russia ($-388M or -100%), Iraq ($-135M or -100%), and Saudi Arabia ($-123M or -50.4%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$-1.86B(-35.8%)
IMPORT GROWTH (October 2023 - October 2024)$-304M(-13.6%)
MAIN DESTINATION (October 2024)Australia$536M

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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Historical Data

Trade Balance

Color
EXPORTS (2022)$61.4B
IMPORTS (2022)$26.1B
NET TRADE (2022)$35.3B

In 2022, South Korea exported $61.4B in Refined Petroleum. The main destinations of South Korea exports on Refined Petroleum were Australia ($10.5B), Singapore ($7.15B), United States ($5.93B), Japan ($4.83B), and Philippines ($4.55B).

In 2022, South Korea imported $26.1B in Refined Petroleum, mainly from United Arab Emirates ($4.55B), India ($2.58B), Japan ($2.3B), Algeria ($2.21B), and Qatar ($2.13B).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Australia$7.17B (216%)
Philippines$2.86B (170%)
Singapore$2.84B (65.9%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY South Korea WERE (2021 - 2022):
China-$2.45B (-41.5%)
Chinese Taipei-$620M (-41.9%)
India-$227M (-19.5%)
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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 Refined Petroleum were:
United States $138B
India $86.2B
Netherlands $68.1B
In 2022, South Korea's main importing competitors in Refined Petroleum were:
United States $81.7B
Singapore $58.5B
Netherlands $51.1B

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $1.46B
TOP IMPORT POTENTIALIndia+ $1.25B

Refined Petroleum’s highest export potential is China. With an export gap of $1.46B.   Refined Petroleum’s highest import potential is India with an import gap of $1.25B.

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