In 2023, the import of iron and steel to South Korea stood at 15.4 billion USD. For the forecasted period from 2024 to 2028, the trend indicates a slight but consistent decline in the import value. In 2024, the projected value is 15.221 billion USD, decreasing to 14.539 billion USD by 2028. This represents a year-on-year variation of approximately -1.2% from 2023 to 2024, -1.2% from 2024 to 2025, -1.1% from 2025 to 2026, -1.1% from 2026 to 2027, and -1.1% from 2027 to 2028. The compounded annual growth rate (CAGR) over this 5-year period is projected at -1.1%.
Future Trends to Watch For:
- Global economic conditions and trade policies, particularly with key steel-exporting countries.
- Fluctuations in domestic demand for iron and steel driven by infrastructure projects and industrial activities.
- Technological advancements and shifts towards more sustainable materials influencing the import dynamics.