The production in refined petroleum products in South Korea has shown significant fluctuations from 2013 to 2023. The period 2013-2016 was characterized by consecutive declines due to various factors likely including market conditions and global oil price volatility, with a notable sharp drop in 2015. Following a recovery period from 2017 to 2018, which saw productive gains of 23.56% and 25.62% respectively, the trend reverted to a decline in 2019 and 2020. From 2021 to 2023, production showed modest growth before slightly dipping in 2023, standing at 103.69 Trillion South Korean Wons.
Year-on-year variation over the last two years shows a slight growth in 2022 (3.96%) followed by a minor decline in 2023 (-1.23%). The Compound Annual Growth Rate (CAGR) over the past five years up to 2023 is -0.15%, indicating a subtle overall reduction in production efficiency.
Looking ahead from 2024 to 2028, forecasts suggest a continued slight decline with a forecasted -1.05% CAGR. The overall forecasted 5-year growth rate is -5.16%, reflecting a challenging outlook for growth in this sector.
Future trends to watch for include potential changes in global oil demand, the impact of environmental regulations, advances in alternative energy sources, and the economic policies affecting the refined petroleum industry locally and globally. Monitoring geopolitical events and technological advancements will also be crucial for anticipating shifts in production trends.
