In 2023, the value for the import of copper and articles thereof to South Korea stood at 6.0484 billion USD. From 2013 to 2023, the import values exhibited varying trends. The data shows sporadic declines from 2013 through 2016, followed by a moderate recovery and fluctuation between 2017 and 2023. Specifically, notable declines occurred in 2015 and 2020 with imports dropping by 14.71% and 16.12%, respectively. These years were followed by significant upticks in 2021 and 2022, with imports growing by 21.72% and 0.99%. The year-on-year increase from 2022 to 2023 was modest at 0.96%, indicating a stable yet slow growth.
Looking forward, forecasts from 2024 to 2028 anticipate a steady upward trend, with imports expected to grow at a compound annual growth rate (CAGR) of 0.77%. This suggests a cumulative forecast growth rate of 3.9% over the next five years.
Future trends to watch for:
• Global economic conditions affecting commodity prices and demand for copper.
• Technological advancements influencing the efficiency and cost of copper usage.
• Trade policies and geopolitical factors impacting import dynamics.
• Increasing emphasis on sustainable and green technologies driving the need for copper.
