The import of undenatured ethyl alcohol to South Korea experienced fluctuations over the past years. In 2023, the imports stood at $113.89 million USD. Recent analyses reveal a substantial drop in 2020, followed by a recovery trend, leading to a consistent increase towards 2023. From 2021 to 2023, year-on-year variations were moderately positive, with the average yearly growth (CAGR) over the last five years standing at approximately 1.5%.
The forecast for the next five years suggests a continued incremental growth with a forecasted five-year CAGR of 1.03% and an overall growth rate of 5.25% by 2028. This indicates stable, if moderate, growth in the upcoming years.
Future trends to watch for:
- Global market demand affecting South Korea's import volumes.
- Changes in domestic production capabilities and consumption rates.
- Regulatory changes impacting import policies and trade agreements.