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Kazakhstan sees decrease in crude oil, petroleum products exports to South Korea over half-decade

Kazakhstan Materials 24 April 2024 22:25 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, April 24. Kazakhstan exported 5.5 million tons of crude oil and petroleum products worth $3.65 billion to South Korea in 2023, Trend reports.

According to the State Revenue Committee of the Ministry of Finance of Kazakhstan, compared to 2019, the volume of exports decreased by 5.1 percent.

Export dynamics from 2019 through 2023:

Year Volume Amount Difference in volume compared to 2019
2019 5.8 million tons $2.9 billion - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2020 2.26 million tons $887 million - 61 percent
2021 3.39 million tons $1.7 billion - 41.5 percent
2022 5.75 million tons $4.4 billion - 0.8 percent
2023 5.5 million tons $3.65 billion - 5.1 percent

Meanwhile, South Korea is one of Kazakhstan's most important trading partners in Asia.

Thus, trade turnover between the countries in 2023 exceeded $6 billion. Exports to South Korea during the period amounted to $3.8 billion, and imports from South Korea amounted to $2.2 billion.

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