South Korea's import of aluminium wire estimated to decline noticeably in H1 2018

South Korea imported US$ 44.3 billion worth of good in May 2018. The country also imports aluminium wire from the global market every year. Global trade data indicates that the country will import 41 per cent less aluminium wire in the first half of 2018, compared to the same period last year. The downward trend is expected to continue in the second half of 2018.

India and China were the top exporters of aluminium wire in 2017. India and China exported about 2618 and 2457 tonnes of aluminium wire to South Korea.  The country imported major chunk of aluminium wire from Bahrain (2207 tonnes), Vietnam (1986), United Arab Emirates (1585 tonnes) and Malaysia (1605 tonnes).

As per global import-export data, South Korea is estimated to import 5441 tonnes of aluminium wire in the half of 2018, down 41 per cent from 9293 tonnes in the same period previous year. In the second half of 2018, the country is estimated to import 5448 tonnes of aluminium wire, down 17 per cent from 6600 tonnes in the corresponding period previous year.

The cost of aluminium wire import is estimated to stand at US$ 18 million in the first half of 2018, down from US$ 26 million in the first half of 2018. In the second half of 2018, the cost of import is estimated to stand at US$ 18 million, down from US$ 21 million in the second half 2017.