Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea - 2022
Contents:
- Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea (CIF) - 2022
- Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea (FOB) - 2022
- Imports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea
- Exports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea
Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea (CIF) - 2022
The average import price for petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s stood at $815 per ton in 2022, picking up by 26% against the previous year. Overall, the import price, however, recorded a slight downturn. The growth pace was the most rapid in 2021 an increase of 57% against the previous year. The import price peaked at $956 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($871 per ton) and India ($847 per ton), while the price for Iraq ($723 per ton) and Greece ($738 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-1.2%), while the prices for the other major suppliers experienced a decline.
Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea (FOB) - 2022
The average export price for petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s stood at $730 per ton in December 2022, shrinking by -4.3% against the previous month. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in March 2022 when the average export price increased by 16% m-o-m. Over the period under review, the average export prices hit record highs at $1,151 per ton in June 2022; however, from July 2022 to December 2022, the export prices failed to regain momentum.
Average prices varied noticeably for the major overseas markets. In December 2022, the highest price was recorded for prices to Australia ($778 per ton) and Vietnam ($774 per ton), while the average price for exports to China ($668 per ton) and Indonesia ($687 per ton) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+0.4%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea
Imports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s into South Korea reduced to 27M tons in 2022, which is down by -9.2% on 2021. The total import volume increased at an average annual rate of +1.0% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 20%. As a result, imports reached the peak of 30M tons, and then declined in the following year.
In value terms, imports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s expanded markedly to $21.9B in 2022. Overall, imports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2021 when imports increased by 88% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are expected to retain growth in years to come.
| Import of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Arab Emirates | 2.2 | 1.5 | 2.6 | 4.3 | 25.0% |
| India | 1.2 | 1.0 | 1.9 | 2.7 | 31.0% |
| Algeria | 1.3 | 0.5 | 1.3 | 2.5 | 24.4% |
| Qatar | 1.7 | 0.5 | 1.3 | 2.4 | 12.2% |
| Kuwait | 0.7 | 0.3 | 1.0 | 1.6 | 31.7% |
| Russia | 3.0 | 2.5 | 4.4 | 1.6 | -18.9% |
| Saudi Arabia | 1.0 | 0.5 | 1.2 | 1.4 | 11.9% |
| Egypt | 0.1 | 0.2 | 0.4 | 0.8 | 100.0% |
| Greece | 0.4 | 0.6 | 1.1 | 0.7 | 20.5% |
| Bahrain | 0.3 | 0.2 | 0.3 | 0.5 | 18.6% |
| United States | 0.5 | 1.0 | 1.6 | 0.5 | 0.0% |
| Japan | 0.1 | 0.1 | 0.3 | 0.5 | 71.0% |
| Iraq | N/A | 0.1 | 0.5 | 0.3 | 73.2% |
| Others | 1.3 | 1.0 | 1.5 | 2.2 | 19.2% |
| Total | 13.8 | 10.1 | 19.1 | 21.9 | 16.6% |
Top Suppliers of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** to South Korea in 2022:
- United Arab Emirates (5.5M tons)
- India (3.2M tons)
- Algeria (3.1M tons)
- Qatar (3.1M tons)
- Kuwait (1.9M tons)
- Russia (1.9M tons)
- Saudi Arabia (1.7M tons)
- Greece (1.0M tons)
- Egypt (0.9M tons)
- Japan (0.6M tons)
- Bahrain (0.5M tons)
- United States (0.5M tons)
- Iraq (0.5M tons)
Exports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea
In 2022, the amount of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s exported from South Korea totaled 17M tons, increasing by 5.3% against 2021 figures. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 21%. Over the period under review, the exports of attained the peak figure in 2022 and are likely to continue growth in the immediate term.
In value terms, exports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s surged to $15.2B in 2022. Over the period under review, exports recorded a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by 103%. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the immediate term.
| Export of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 833 | 453 | 2,155 | 2,958 | 52.6% |
| Japan | 1,883 | 1,379 | 1,938 | 2,445 | 9.1% |
| Australia | 541 | 411 | 835 | 1,656 | 45.2% |
| Philippines | 814 | 421 | 928 | 1,605 | 25.4% |
| Malaysia | 494 | 393 | 1,170 | 1,583 | 47.4% |
| China | 1,227 | 736 | 1,210 | 1,459 | 5.9% |
| Indonesia | 660 | 90.8 | 236 | 894 | 10.6% |
| New Zealand | 270 | 243 | 435 | 722 | 38.8% |
| Vietnam | 1,246 | 573 | 232 | 608 | -21.3% |
| Taiwan (Chinese) | 434 | 155 | 276 | 99.2 | -38.9% |
| Others | 1,089 | 483 | 1,416 | 1,209 | 3.5% |
| Total | 9,491 | 5,338 | 10,830 | 15,239 | 17.1% |
Top Export Markets for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** from South Korea in 2022:
- Singapore (3.2M tons)
- Japan (2.8M tons)
- China (1.9M tons)
- Australia (1.7M tons)
- Philippines (1.7M tons)
- Malaysia (1.7M tons)
- Indonesia (0.9M tons)
- New Zealand (0.8M tons)
- Vietnam (0.6M tons)
- Taiwan (Chinese) (0.1M tons)
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