Republic of Korea - Processed Petroleum Oils and Distillates - Market Analysis, Forecast, Size, Trends And Insights
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View PricingPrice for Processed Petroleum Oils and Distillates in South Korea - 2022
Contents:
- Price for Processed Petroleum Oils and Distillates in South Korea (FOB) - 2022
- Price for Processed Petroleum Oils and Distillates in South Korea (CIF) - 2022
- Exports of Processed Petroleum Oils and Distillates in South Korea
- Imports of Processed Petroleum Oils and Distillates in South Korea
Price for Processed Petroleum Oils and Distillates in South Korea (FOB) - 2022
The average export price for processed petroleum oils and distillates stood at $450 per ton in 2022, which is down by -10.3% against the previous year. Overall, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 27%. The export price peaked at $968 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($508 per ton) and the Netherlands ($490 per ton), while the average price for exports to Malaysia ($387 per ton) and China ($400 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (-7.0%), while the prices for the other major destinations experienced a decline.
Price for Processed Petroleum Oils and Distillates in South Korea (CIF) - 2022
In December 2022, the average import price for processed petroleum oils and distillates amounted to $702 per ton, approximately equating the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2022 an increase of 15% against the previous month. As a result, import price reached the peak level of $982 per ton. From May 2022 to December 2022, the average import prices remained at a lower figure.
Average prices varied somewhat amongst the major supplying countries. In December 2022, the highest price was recorded for prices from Japan ($835 per ton) and India ($714 per ton), while the price for Iraq ($620 per ton) and Singapore ($628 per ton) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Iraq (+1.1%), while the prices for the other major suppliers experienced a decline.
Exports of Processed Petroleum Oils and Distillates in South Korea
In 2022, approx. 60M tons of processed petroleum oils and distillates were exported from South Korea; reducing by -2.9% compared with 2021. Overall, exports recorded a noticeable reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 6.2%.
In value terms, processed petroleum oils and distillates exports reduced to $27.2B in 2022. Over the period under review, exports saw a abrupt downturn. The growth pace was the most rapid in 2021 when exports increased by 35% against the previous year.
| Export of Processed Petroleum Oils and Distillates in South Korea (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Australia | 2.8 | 1.5 | 3.0 | 4.8 | 19.7% |
| Singapore | 3.9 | 2.0 | 3.9 | 3.3 | -5.4% |
| United States | 4.4 | 2.3 | 4.0 | 2.7 | -15.0% |
| Japan | 4.1 | 2.8 | 3.8 | 2.2 | -18.7% |
| Philippines | 1.8 | 0.8 | 1.4 | 2.0 | 3.6% |
| Vietnam | 2.2 | 1.2 | 1.0 | 1.6 | -10.1% |
| China | 6.6 | 5.7 | 5.1 | 1.5 | -39.0% |
| Malaysia | 1.7 | 1.1 | 1.6 | 1.5 | -4.1% |
| Togo | 1.3 | 0.8 | 0.4 | 1.0 | -8.4% |
| New Zealand | 0.6 | 0.5 | 0.7 | 1.0 | 18.6% |
| Netherlands | 0.4 | 0.2 | 0.4 | 0.9 | 31.0% |
| Indonesia | 1.1 | 0.3 | 0.6 | 0.8 | -10.1% |
| Bangladesh | 0.2 | N/A | 0.1 | 0.5 | 35.7% |
| Others | 8.2 | 3.9 | 5.2 | 3.3 | -26.2% |
| Total | 39.3 | 23.2 | 31.2 | 27.2 | -11.5% |
Top Export Markets for Processed Petroleum Oils and Distillates from South Korea in 2022:
- Australia (10.3M tons)
- Singapore (7.8M tons)
- United States (5.4M tons)
- Japan (5.3M tons)
- Philippines (4.3M tons)
- China (3.8M tons)
- Malaysia (3.8M tons)
- Vietnam (3.6M tons)
- Togo (2.3M tons)
- New Zealand (2.2M tons)
- Indonesia (1.8M tons)
- Netherlands (1.8M tons)
- Bangladesh (1.0M tons)
Imports of Processed Petroleum Oils and Distillates in South Korea
In 2022, approx. 29M tons of processed petroleum oils and distillates were imported into South Korea; which is down by -19.4% on 2021. Overall, total imports indicated a perceptible expansion from 2019 to 2022: its volume increased at an average annual rate of +3.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.6% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 63%. As a result, imports reached the peak of 36M tons, and then contracted sharply in the following year.
In value terms, processed petroleum oils and distillates imports declined sharply to $14.6B in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 139%. As a result, imports reached the peak of $20.6B, and then dropped notably in the following year.
| Import of Processed Petroleum Oils and Distillates in South Korea (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 0.8 | 0.7 | 2.0 | 2.2 | 40.1% |
| Japan | 1.6 | 1.5 | 1.8 | 2.0 | 7.7% |
| Qatar | 0.8 | N/A | 1.0 | 1.3 | 17.6% |
| Egypt | 0.1 | 0.3 | 0.5 | 0.9 | 108.0% |
| Malaysia | 0.2 | 0.3 | 0.5 | 0.8 | 58.7% |
| China | 1.8 | 1.0 | 1.4 | 0.7 | -27.0% |
| United States | 0.6 | 0.7 | 1.2 | 0.6 | 0.0% |
| Thailand | 0.1 | 0.1 | 0.4 | 0.6 | 81.7% |
| Taiwan (Chinese) | 4.1 | 1.0 | 1.0 | 0.5 | -50.4% |
| Singapore | 0.7 | 0.4 | 0.8 | 0.5 | -10.6% |
| Greece | N/A | 0.2 | 0.9 | 0.5 | 58.1% |
| Russia | 2.2 | 1.5 | 3.1 | N/A | 18.7% |
| Saudi Arabia | N/A | N/A | 2.0 | N/A | 0% |
| Others | 1.2 | 0.9 | 4.0 | 4.0 | 49.4% |
| Total | 14.2 | 8.6 | 20.6 | 14.6 | 0.9% |
Top Suppliers of Processed Petroleum Oils and Distillates to South Korea in 2022:
- India (4.5M tons)
- Japan (3.6M tons)
- Qatar (2.6M tons)
- Malaysia (2.0M tons)
- Taiwan (Chinese) (1.5M tons)
- Egypt (1.4M tons)
- Greece (1.2M tons)
- United States (1.2M tons)
- China (1.2M tons)
- Singapore (1.1M tons)
- Thailand (1.0M tons)
This report provides an in-depth analysis of the market for processed petroleum oils and distillates in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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This report provides an in-depth analysis of the market for processed petroleum oils and distillates in Republic of Korea.
