South Korea’s chemicals and chemical products exports to China have shown a fluctuating trend from 2013 to 2023, with periods of both decline and growth. In 2013, the exports stood at 27.615 billion USD, and despite some significant yearly declines—particularly in 2015 and 2020—the market saw recovery starting from 2017 onwards. Notable growth rates occurred in 2017, 2018, 2021, and 2022, attributing to the overall CAGR of 1.7% over the past five years until 2023.
The forecasted data suggests a steady increment from 2024 to 2028, with an anticipated five-year CAGR of 1.73%, leading to a projected value of 37.527 billion USD in 2028. This indicates a moderate yet stable growth trajectory, marking a total forecasted increase of 8.96% over the five years starting from 2024.
Future trends to watch for:
- The impact of global trade policies affecting chemicals and chemical products trade between South Korea and China.
- Technological advancements in chemical manufacturing and their potential influence on export capabilities.
- Changes in environmental regulations in both countries that could impact production and export levels.
- Fluctuations in global demand for chemical products, driven by various industries including pharmaceuticals, agriculture, and industrial manufacturing.
