The Mining and Quarrying Gross Value Added in South Korea exhibited a downward trend from 2013 to 2023, starting at 2.1023 trillion KRW and declining to 1.9093 trillion KRW in 2023. Key variations include a significant drop in 2018 by -9.39% and subsequent years showing a gradual decline or minimal increase. The five-year CAGR leading up to 2023 was -2.15%, indicating consistent contraction in the industry.
Forecasted data from 2024 suggests a period of stabilization and modest growth with a forecasted five-year CAGR of 0.8%, reaching 2.0081 trillion KRW by 2028. This implies a shift towards a more positive outlook for the industry.
Future trends to watch for include:
- Technological advancements in mining processes
- Government incentives and regulations impacting operational efficiencies
- Shifts in global commodity prices affecting export potential
