From 2013 to 2023, the import of bituminous coal to South Korea experienced notable fluctuations. In 2023, the value of imports stood at USD 16.412 billion. Year-on-year variation spiked significantly in certain years, such as 2017’s 65.05%, but experienced declines, such as 2015’s -19.1%. Over the last two years, the import value saw incremental growth, with a 3.08% increase in 2022 and a 2.93% rise in 2023. Most recently, the compound annual growth rate (CAGR) over the last five years stood at 2.27%.
Future projections from 2024 to 2028 suggest a steady upward trend with a five-year CAGR of 2.18%, culminating in a forecasted import value of USD 18.852 billion by 2028, representing an overall growth rate of 11.38%.
Future trends to watch for include:
- Global economic fluctuations impacting coal prices.
- Shifts in South Korea’s energy policies towards renewable sources.
- Technological advancements in energy efficiency and their impact on coal demand.
- Geopolitical factors affecting trade relations and supply chain stability.
