Forecast: Output of Metal Ores Mining in South Korea

The output of metal ores mining in South Korea has shown significant fluctuations over the years. In 2023, the output stood at 96.71 billion South Korean Wons. From 2016 to 2017, there was a notable recovery with a year-on-year increase of 34.54%. The output saw steady growth between 2018 and 2019 with year-on-year variations of 4.96% and 4.13%, respectively. However, 2020 experienced a decline of -17.13%, followed by a strong recovery in 2021 at 22.36%. Over the last two years, the sector grew by 1.5% in 2022 and 1.45% in 2023, indicating a stabilizing trend with a compound annual growth rate (CAGR) of 1.08% over the last five years.

Future trends to watch for include the forecasted continued growth with a 5.8% increase over the next five years, translating to a forecasted five-year CAGR of 1.13%. Close attention should be paid to global demand for metal ores, technological advancements in mining, and regulatory changes, which will play critical roles in shaping the sector's trajectory.