Price for Petroleum Gases and Other Gaseous Hydrocarbons in South Korea - 2022

Contents:

1. Price for Petroleum Gases and Other Gaseous Hydrocarbons in South Korea (CIF) - 2022
2. Price for Petroleum Gases and Other Gaseous Hydrocarbons in South Korea (FOB) - 2022
3. Imports of Petroleum Gases and Other Gaseous Hydrocarbons in South Korea
4. Exports of Petroleum Gases and Other Gaseous Hydrocarbons in South Korea

Price for Petroleum Gases and Other Gaseous Hydrocarbons in South Korea (CIF) - 2022

The average import price for petroleum gases and other gaseous hydrocarbonses stood at $743 per ton in 2022, jumping by 30% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 45%. Over the period under review, average import prices attained the maximum at $827 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Oman ($980 per ton), while the price for Malaysia ($457 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Yemen (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Petroleum Gases and Other Gaseous Hydrocarbons in South Korea (FOB) - 2022

The average export price for petroleum gases and other gaseous hydrocarbonses stood at $1,184 per ton in 2022, rising by 22% against the previous year. In general, the export price, however, saw a mild decline. The growth pace was the most rapid in 2021 an increase of 57% against the previous year. Over the period under review, the average export prices attained the peak figure at $1,393 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($2,462 per ton), while the average price for exports to China ($783 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.0%), while the prices for the other major destinations experienced a decline.

Imports of Petroleum Gases and Other Gaseous Hydrocarbons in South Korea

In 2022, the amount of petroleum gases and other gaseous hydrocarbonses imported into South Korea surged to 76M tons, picking up by 41% on the year before. Over the period under review, total imports indicated prominent growth from 2019 to 2022: its volume increased at an average annual rate of +16.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +59.3% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of petroleum gases and other gaseous hydrocarbonses surged to $56.7B in 2022. In general, imports saw a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Petroleum Gases and Other Gaseous Hydrocarbons to South Korea in 2022:

1. Australia (24.6M tons)
2. United States (12.9M tons)
3. Malaysia (12.0M tons)
4. Qatar (9.7M tons)
5. Oman (4.8M tons)
6. Indonesia (3.3M tons)
7. Russia (2.0M tons)
8. Egypt (1.5M tons)

Exports of Petroleum Gases and Other Gaseous Hydrocarbons in South Korea

In 2022, shipments abroad of petroleum gases and other gaseous hydrocarbonses decreased by -43.4% to 355K tons, falling for the second consecutive year after two years of growth. Over the period under review, exports faced a abrupt descent. The growth pace was the most rapid in 2020 with an increase of 5%. As a result, the exports reached the peak of 681K tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of petroleum gases and other gaseous hydrocarbonses declined significantly to $420M in 2022. Overall, exports showed a noticeable reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 44%. As a result, the exports attained the peak of $607M, and then reduced remarkably in the following year.

Top Export Markets for Petroleum Gases and Other Gaseous Hydrocarbons from South Korea in 2022:

1. China (231.0K tons)
2. Taiwan (Chinese) (24.1K tons)
3. Japan (23.1K tons)
4. United States (11.3K tons)
5. United Kingdom (11.1K tons)
6. Singapore (6.9K tons)

Source: IndexBox Market Intelligence Platform