The import of Petroleum Gases and Other Gaseous Hydrocarbons to South Korea has experienced fluctuations over the past decade. In 2023, the import value stood at 26.35 billion US Dollars. Year-on-year variation from 2021 to 2022 was 6.76%, and from 2022 to 2023, it was 1.37%. The compound annual growth rate (CAGR) over the last five years has been a modest 0.55%.
Looking forward, from 2024 to 2028, the forecasted CAGR is projected to be 1.09%. By 2028, the import value is expected to reach 28.141 billion US Dollars, marking a 5.59% growth rate over five years.
Key trends to watch for in the future include:
- Fluctuations in global energy prices and geopolitical stability.
- South Korea's energy policy shifts towards sustainable energy sources.
- The impact of technological advancements in energy efficiency and alternative energy solutions on global hydrocarbon demand.
