Forecast: Export of Cobalt from South Korea

South Korea's cobalt exports have experienced significant fluctuations over the past decade. From a low of 560.44 thousand kilograms in 2013, there was a sharp increase, peaking at 3832.6 thousand kilograms in 2016. The trend continued with ups and downs, including a notable 39.65% decline in 2018 and a recovery by 2023 with a value of 3546.9 thousand kilograms. The recent Compound Annual Growth Rate (CAGR) over the last five years stands at 9.01%.

Notably, from 2022 to 2023, the export volume grew by 4.31%, following a similar pattern between 2021 and 2022 with a 4.6% increase. Looking forward, from 2024 to 2028, the forecasts suggest a steady growth trajectory with a 3.07% CAGR, expecting an overall 16.3% increase in export volumes.

Future trends to monitor include:

• Global cobalt demand driven by electric vehicle (EV) battery production.
• Potential impacts of regulatory changes on cobalt mining and trade.
• Technological advancements in battery alternatives that may affect cobalt demand.
• The geopolitical landscape impacting cobalt supply chain and export policies.