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2023
Exports $48.9BWorld Rnk 7 / 214
Flag Rnk 3 / 1188
2023
Destination $1.07B Australia
2022 - 2023
FASTEST GROWING MARKET $1.07BAustralia
2023
PRODUCT COMPLEXITY IN Refined Petroleum-0.94Rnk 813 / 1025
2023
Imports $11.6BWorld Rnk 22 / 226
Flag Rnk 7 / 1208
2023
Origin $1.52B Japan
2022 - 2023
FASTEST GROWING ORIGIN $1.52BJapan
2023
ECONOMIC COMPLEXITY of South Korea1.85Rnk 4 / 132

About

Exports In 2023, South Korea exported $48.9B 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: Australia ($11.1B), Japan ($5.34B), United States ($4.63B), Singapore ($4.49B), and Malaysia ($3.34B).

The fastest growing export markets for Refined Petroleum of South Korea between 2022 and 2023 were Australia ($1.07B), New Zealand ($962M), and Japan ($876M).

Imports In 2023, South Korea imported $11.6B in Refined Petroleum, becoming the 22nd largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 7th most imported product in South Korea. South Korea imports Refined Petroleum primarily from: Japan ($2.32B), Malaysia ($1.72B), Singapore ($1.68B), India ($1.51B), and China ($1.24B).

The fastest growing import markets in Refined Petroleum for South Korea between 2022 and 2023 were Japan ($1.52B), Malaysia ($1.19B), and China ($1.17B).

COMPANIES In 2024, leading companies such as Nexen Tire (4), LG Electronics (4), and General Motors (1) were at the forefront of shipping Refined Petroleum from South Korea to the United States.

Latest Trends

December 2024

About

Overview In December 2024 South Korea's Refined Petroleum exports accounted up to $3.86B and imports accounted up to $2.14B, resulting in a positive trade balance of $1.73B. Between December 2023 and December 2024 the exports of South Korea's   Refined Petroleum have decreased by $-566M (-12.8%) from $4.43B to $3.86B, while imports increased by $303M (16.5%) from $1.84B to $2.14B.

Destinations In December 2024, Refined Petroleum were exported mostly to Japan ($724M), Singapore ($591M), Australia ($504M), United States ($383M), and Philippines ($300M), and were imported mostly from Qatar ($317M), Iraq ($264M), United Arab Emirates ($215M), Kuwait ($212M), and India ($212M).

Growth In December 2024, the decrease in Refined Petroleum's year-by-year exports was explained primarily by a decrease in exports to N/A. In December 2024, the increase in Refined Petroleum's year-by-year imports was explained primarily by an increase in imports from United Arab Emirates ($283M or 62.8%), Greece ($144M or 221%), and Malaysia ($74.9M or 59.2%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$-566M(-12.8%)
IMPORT GROWTH (December 2023 - December 2024)$303M(16.5%)
MAIN DESTINATION (December 2024)Japan$724M

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 (2023)$48.9B
IMPORTS (2023)$11.6B
NET TRADE (2023)$37.3B

In 2023, South Korea exported $48.9B in Refined Petroleum. The main destinations of South Korea exports on Refined Petroleum were Australia ($11.1B), Japan ($5.34B), United States ($4.63B), Singapore ($4.49B), and Malaysia ($3.34B).

In 2023, South Korea imported $11.6B in Refined Petroleum, mainly from Japan ($2.32B), Malaysia ($1.72B), Singapore ($1.68B), India ($1.51B), and China ($1.24B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR South Korea WERE (2022 - 2023):
Australia$1.07B (10.7%)
New Zealand$962M (53.1%)
Japan$876M (19.6%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY South Korea WERE (2022 - 2023):
Vietnam-$3.45B (-100%)
Togo-$1.92B (-100%)
Philippines-$1.74B (-35.5%)
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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 Refined Petroleum were:
United States $107B
Singapore $55.9B
India $55.8B
In 2023, South Korea's main importing competitors in Refined Petroleum were:
United States $68.8B
Singapore $55.7B
Australia $35.3B

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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.

See methodology.

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