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 dropped to $X in 2022, reducing by -10.4% against the previous year. Over the period under review, consumption saw a slight shrinkage. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Republic of Korea

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. In general, production recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 18%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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 reduced slightly to X tons, waning by -2.9% compared with 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 6.9%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports contracted to $X in 2022. Overall, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 35% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons) was the main destination for processed petroleum oils and distillates exports from South Korea, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar totaled +183.0%.

In value terms, Myanmar ($X) emerged as the key foreign market for processed petroleum oils and distillates exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar amounted to +156.0%.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, waning by -10.3% against the previous year. Overall, the export price saw a abrupt decrease. The pace of growth was the most pronounced in 2021 an increase of 27% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Myanmar.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to -6.0% per year.

Imports of Processed Petroleum Oils and Distillates

Imports into Republic of Korea

In 2022, processed petroleum oils and distillates imports into South Korea reduced rapidly to X tons, with a decrease of -19.4% against 2021 figures. In general, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2021 with an increase of 63%. As a result, imports reached the peak of X tons, and then fell significantly in the following year.

In value terms, processed petroleum oils and distillates imports dropped notably to $X in 2022. Over the period under review, imports, however, showed pronounced growth. The most prominent rate of growth was recorded in 2021 when imports increased by 139% against the previous year. As a result, imports attained the peak of $X, and then fell markedly 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 56% share of total imports. Egypt, the United States, China, Greece and Singapore lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +61.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Japan ($X) and Qatar ($X) appeared to be the largest processed petroleum oils and distillates suppliers to South Korea, together accounting for 56% of total imports. Egypt, China, the United States, Greece and Singapore lagged somewhat behind, together accounting for a further 32%.

Egypt, with a CAGR of +47.8%, 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, dropping by -12% against the previous year. Overall, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 46%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Egypt ($X per ton) and China ($X per ton), while the price for Singapore ($X per ton) and Greece ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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