Republic of Korea: Coal Market 2024

Coal Market Size in Republic of Korea

In 2022, the South Korean coal market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted resilient growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Coal Production in Republic of Korea

In value terms, coal production fell to $X in 2022 estimated in export price. Over the period under review, production, however, posted resilient growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Coal Exports

Exports from Republic of Korea

In 2022, the amount of coal exported from South Korea shrank dramatically to X tons, waning by X% against 2021 figures. Overall, exports faced a precipitous curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, coal exports soared to $X in 2022. In general, exports saw a sharp decrease. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons), Myanmar (X tons) and Malaysia (X tons) were the main destinations of coal exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of X%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the Philippines ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest markets for coal exported from South Korea worldwide, with a combined X% share of total exports. Myanmar, the Czech Republic and Vietnam lagged somewhat behind, together comprising a further X%.

Myanmar, with a CAGR of X%, saw the highest growth rate of 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

The average coal export price stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Myanmar ($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 Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Coal Imports

Imports into Republic of Korea

In 2022, overseas purchases of coal increased by X% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, coal imports soared to $X in 2022. In general, imports continue to indicate a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of coal to South Korea, with a X% share of total imports. Moreover, coal imports from Australia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was held by Russia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Australia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Russia (X% per year).

In value terms, Australia ($X) constituted the largest supplier of coal to South Korea, comprising X% of total imports. The second position in the ranking was held by Russia ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

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

Import Prices by Country

The average coal import price stood at $X per ton in 2022, surging by X% against the previous year. In general, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coal import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Colombia ($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 more modest paces of growth.

Source: IndexBox Platform

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