About
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Exports In 2021, South Korea exported $191M in Crude Petroleum, making it the 68th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 279th most exported product in South Korea. The main destination of Crude Petroleum exports from South Korea are: Brunei ($100M), Philippines ($43.6M), India ($38.9M), Australia ($8.51M), and Guatemala ($304k).
The fastest growing export markets for Crude Petroleum of South Korea between 2020 and 2021 were Brunei ($88.1M), India ($38.9M), and Australia ($8.51M).
Imports In 2021, South Korea imported $60.6B 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 ($18.5B), United States ($8.05B), Kuwait ($6.31B), Russia ($6.24B), and Iraq ($3.5B).
The fastest growing import markets in Crude Petroleum for South Korea between 2020 and 2021 were Saudi Arabia ($5.77B), United States ($3.17B), and Kuwait ($1.54B).
Latest Trends
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June 2023
About
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Overview In June 2023 South Korea's Crude Petroleum exports accounted up to $0 and imports accounted up to $6.11B, resulting in a negative trade balance of $6.11B. Between June 2022 and June 2023 the exports of South Korea's Crude Petroleum have decreased by $-3k (-100%) from $3k to $0, while imports decreased by $-2.44B (-28.5%) from $8.55B to $6.11B.
Destinations In June 2023, Crude Petroleum were exported mostly to Algeria ($0), Nigeria ($0), United Arab Emirates ($0), Iraq ($0), and Kazakhstan ($0), and were imported mostly from Saudi Arabia ($2.05B), United States ($920M), Iraq ($658M), United Arab Emirates ($631M), and Kuwait ($543M).
Growth In June 2023, the decrease in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In June 2023, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from Kazakhstan ($-85.1M or -51.7%), Norway ($-62.5M or -60.8%), and Iraq ($-27M or -8.76%).
Subnational Monthly Trade
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Time Scale
Flow
Color
EXPORT GROWTH (June 2022 - June 2023): $-3k, (-100%)
IMPORT GROWTH (June 2022 - June 2023): $-2.44B, (-28.5%)
MAIN DESTINATION (June 2023): 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.
For full datasets download visit Bulk Download page.
Historical Data
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Trade Balance
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EXPORTS (2021): $191M
IMPORTS (2021): $60.6B
NET TRADE (2021): -$60.4B
In 2021, South Korea exported $191M in Crude Petroleum. The main destinations of South Korea exports on Crude Petroleum were Brunei ($100M), Philippines ($43.6M), India ($38.9M), Australia ($8.51M), and Guatemala ($304k).
In 2021, South Korea imported $60.6B in Crude Petroleum, mainly from Saudi Arabia ($18.5B), United States ($8.05B), Kuwait ($6.31B), Russia ($6.24B), and Iraq ($3.5B).
Market Growth
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Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR South Korea WERE (2020 - 2021):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY South Korea WERE (2020 - 2021):
- Philippines, -$66.7M (-60.5%)
- Pakistan, -$55.8M (-100%)
- China, -$41.5M (-100%)
Market Concentration
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View
Flow
Type
In 2021, South Korea's main exporting competitors in Crude Petroleum were:
- Saudi Arabia , $138B
- Russia , $113B
- Canada , $81.2B
In 2021, South Korea's main importing competitors in Crude Petroleum were:
- China , $208B
- United States , $120B
- India , $93.5B
