Fueling Change: South Korea’s Crude Oil Imports Shrink as Energy Landscape Shifts

South Korea brought in 11 million tons of crude in April 2025, down from 12 million tons last April, data released by the Korea Customs Service showed. The year-over-year decline shows continuing pressures in the country's energy market, and more general economic headwinds for global trade.

 

The decline in crude imports is one aspect of a larger pattern of declining energy shipments into South Korea. Latest customs statistics indicate that total energy imports-oil, gas, and coal-declined 13.7 percent in early May from a year earlier. Crude oil imports alone dropped 6.1 percent during the same period, both the result of weaker domestic demand and instability in the international markets.

 

Industry commentators have blamed the decline on a range of factors, including refinery shutdowns in the first half of the year, reduced demand for petroleum products, and the effects of international trade tensions. Tariffs on major export sectors, including automobiles and steel, have also damaged South Korea's economy and, consequently, its energy needs.

 

Though the crude imports went down, South Korea remains among the largest importers of oil in the world, and the United Arab Emirates and Saudi Arabia are the major suppliers. Yet, the situation for the remainder of 2025 continues to be uncertain as there are still economic and geopolitical tensions.

 

Source: Chosun