South Korea's crude oil imports fell to 10.1 million tonnes in February 2025, down from 11.9 million tonnes a year earlier, according to customs data. This 15% year-on-year decrease aligns with recent trends in the country's energy sector.
Key points:
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February imports valued at approximately $7.32 billion, down from $7.39 billion in January
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Average Dubai crude price, South Korea's reference, dropped 3.1% from a month earlier to $77.92 per barrel
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Import price index dropped 0.8% in February, the first fall in five months
The decline in crude imports comes after the global oil prices fell and the Korean won strengthened against the US dollar. Both trends have lowered South Korea's overall import prices, which could ease inflationary pressures.
This rise occurs as South Korea still weathers global economic volatility and changes in energy markets.
Sources: Korea Customs Service, Bank of Korea, March 14, 2025