Republic of Korea: Market for Liquefied Petroleum Gas (LPG) 2024

Market Size for Liquefied Petroleum Gas (LPG) in Republic of Korea

The South Korean liquefied petroleum gas (LPG) market reduced to $X in 2022, falling by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then fell in the following year.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Republic of Korea

Liquefied petroleum gas (LPG) exports from South Korea rose rapidly to X tons in 2022, with an increase of X% compared with 2021 figures. In general, exports posted prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports reduced to $X in 2022. Overall, exports continue to indicate temperate growth. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then shrank in the following year.

Exports by Country

China (X tons) was the main destination for liquefied petroleum gas (LPG) exports from South Korea, with a X% share of total exports. Moreover, liquefied petroleum gas (LPG) exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Singapore (X% per year).

In value terms, China ($X) remains the key foreign market for liquefied petroleum gas (LPG) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average liquefied petroleum gas (LPG) export price amounted to $X per ton, shrinking by X% against the previous year. In general, the export price recorded a slight curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Liquefied Petroleum Gas (LPG)

Imports into Republic of Korea

In 2022, supplies from abroad of liquefied petroleum gas (LPG) decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, liquefied petroleum gas (LPG) imports shrank remarkably to $X in 2022. Overall, imports continue to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of liquefied petroleum gas (LPG) to South Korea, with a X% share of total imports. Moreover, liquefied petroleum gas (LPG) imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold. The third position in this ranking was held by Australia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Australia (X% per year).

In value terms, the United States ($X) constituted the largest supplier of liquefied petroleum gas (LPG) to South Korea, comprising X% of total imports. The second position in the ranking was held by Canada ($X), with a X% share of total imports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Australia (X% per year).

Import Prices by Country

The average liquefied petroleum gas (LPG) import price stood at $X per ton in 2022, declining by X% against the previous year. In general, the import price recorded a deep contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Kuwait ($X per ton), while the price for Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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