Republic of Korea: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Republic of Korea

The South Korean market for processed petroleum oils and distillates reduced to $X in 2022, waning by X% against the previous year. Overall, consumption continues to indicate a slight setback. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Republic of Korea

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible decrease. The pace of growth was the most pronounced in 2021 with an increase of X%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Exports of Processed Petroleum Oils and Distillates

Exports from Republic of Korea

In 2022, the amount of processed petroleum oils and distillates exported from South Korea fell modestly to X tons, which is down by X% against the previous year's figure. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports fell to $X in 2022. Overall, exports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons), Singapore (X tons) and the United States (X tons) were the main destinations of processed petroleum oils and distillates exports from South Korea, with a combined X% share of total exports. Japan, the Philippines, China, Malaysia, Vietnam, Togo, New Zealand, the Netherlands, Indonesia and Bangladesh lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Singapore ($X) and the United States ($X) constituted the largest markets for processed petroleum oils and distillates exported from South Korea worldwide, with a combined X% share of total exports. Japan, the Philippines, Vietnam, China, Malaysia, Togo, New Zealand, the Netherlands, Indonesia and Bangladesh lagged somewhat behind, together comprising a further X%.

Togo, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price showed a abrupt descent. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Malaysia ($X per ton) and China ($X 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 (X%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Republic of Korea

Processed petroleum oils and distillates imports into South Korea declined rapidly to X tons in 2022, shrinking by X% compared with the previous year. Overall, imports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, processed petroleum oils and distillates imports contracted sharply to $X in 2022. In general, imports, however, posted a tangible expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

India (X tons), Japan (X tons) and Qatar (X tons) were the main suppliers of processed petroleum oils and distillates imports to South Korea, with a combined X% share of total imports. Malaysia, Taiwan (Chinese), Egypt, the United States, China, Greece, Singapore and Thailand lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Japan ($X) and Qatar ($X) constituted the largest processed petroleum oils and distillates suppliers to South Korea, with a combined X% share of total imports. Egypt, Malaysia, China, Thailand, the United States, Taiwan (Chinese), Greece and Singapore lagged somewhat behind, together accounting for a further X%.

Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2021 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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