Between 2013 and 2023, South Korea's import of manganese ores and concentrates showed marked fluctuations. Imports experienced a significant decline from 2013 to 2016, with the steepest drops occurring in 2014 (-17.45%) and 2015 (-26.87%). However, starting from 2017, the trend reversed with a sharp increase (93.22%) and continued upward in the following years, peaking in 2023 with a value of 456.21 million USD. The year-on-year growth in 2022 was 3.54%, and for 2023, it stood at 3.35%. The last 5-year CAGR (2018-2023) was 1.83%, indicating moderate annual growth.
Forecasts from 2024 to 2028 predict a steady rise in imports, with an average annual growth rate (CAGR) of 2.46%. By 2028, imports are expected to have grown by 12.9% from 2023, reaching a value of 533.38 million USD. This suggests a sustained, albeit moderate, increase in the demand for manganese ores and concentrates in South Korea.
Future trends to watch for include potential market disruptions due to geopolitical shifts, innovations in steel production impacting manganese demand, and environmental regulations influencing mining and export practices from primary source countries.
