China and Vietnam account for 45% of South Korea’s aluminium plates, sheets and strips export

South Korea is today one of the key aluminium markets in Asia with consumption of 21,5 kg per capita compared to 15+kg per capita for developed countries,  mostly driven by growing end user demand in the automotive, construction and electronics and communication sector.  Studies indicate that the industrial production in South Korea will grow by 5.9% per year until 2025, driving the growth of aluminium consumption in the country.

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As one of the world's fastest growing exporters of aluminium value added products, South Korea exports significant amount of aluminium Plates, Sheets and Strips globally. Let us analyse the export patterns for Plates, Sheets and Strips in South Korea to understand the market demand and consumption trends.

South Korea has been following an upward pattern for Plates, Sheets and Strips export. In the year 2015, South Korea exported about 5,37,669 million tons of aluminium Plates, Sheets and Stripsglobally . The volume is estimated to increase further to 5,58,519 million tons in 2016. For the first eleven months of 2017, export of aluminium Plates, Sheets and Stripsby South Korea is estimated to be about 5,20,674 tons.  The rise in export is driven by growing global demand for Plates, Sheets and Strips by the automotive and the packaging sector. 

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The revenue earned by the exporters stood at US$ 1.5 billion and US$ 3.8 billion respectively for the years 2015 and 2016. The increase in revenue can be attributed to increasing price of value added products in the global market. For the first eleven months of 2017, the revenue earned by the exporter in South Korea is estimated to be about US$ 4.6 billion.

The exports are mainly driven by Asian countries leading by China and Vietnam, two countries accounting for about 45% of the total Plates, Sheets and Strips export by South Korea.  Cambodia Thailandand Taiwan also import substantial volume of Plates, Sheets and Strips from South Korea.