Analysis of the import data for mineral fuels, oils, and distillation products to South Korea reveals a declining trend from 2013 to 2016, notable for dramatic year-on-year declines, particularly in 2015 and 2016. The trend shifted upward in 2017 and 2018, exhibiting substantial increases but faced slight dips in subsequent years. In 2023, the import value stood at 145.47 billion USD. Over the last two years, the year-on-year variations showed minor increases with percentages of 1.56% in 2022 and 1.5% in 2023. The five-year CAGR from 2019 to 2023 was nearly flat at -0.2%.
Looking forward from 2024 to 2028, the forecast data projects a modest annual growth rate, with the five-year CAGR estimated at 1.18%, contributing to an overall growth rate of 6.02% over this period. Key future trends to observe include fluctuations in global oil prices, geopolitical developments, and advancements in renewable energy technologies, which could significantly impact the import patterns of mineral fuels and oils.
