South Korea: Steel pipes' exports, imports rise y-o-y in CY'21

South Korea's exports and imports of steel pipes increased by 7% and 16.8% respectively on a y-o-y basis in CY'21, according to Korea Steel Association data.

Exports

Total exports of steel pipes in CY'21 were recorded at 1.64 million tonnes (t). The rise in exports was due to increased shipments to the US.

Despite slow global economic recovery and lockdown measures to curb Covid-19 spread, exports of steel pipes increased, especially to the US, mainly due to surging international oil prices. However, exports to the other countries declined y-o-y.

Meanwhile, steel pipes exports in Dec'21 stood at 152,536 t, down 12.4% m-o-m.

Imports

Imports of steel pipes also increased significantly in CY'21. Total import volumes of steel pipes were recorded at 508,422 t.

Imports from China, which accounted for 81.4% of the total imports, registered a 21.6% y-o-y increase to 413,854 t in CY'21, leading an increase in overall imports.

Increased domestic supply of raw materials for steel pipes and the consequent decrease in steel pipes production led to an increase in imports.

Note: This insight has been published in accordance with an article exchange agreement between SteelMint and SteelDaily.