South Korea: The billion-dollar aluminium scrap import market demonstrates volatile movement during 2019-21, expenditure tends to upsurge

The manufacturing sector has navigated South Korea’s expeditious economic development, switching it into a global industrial hub. The country is one the largest shipbuilding destination, fifth in car making, sixth largest steel producer and a billion-dollar surplus importer of aluminium scrap. Smart manufacturing and services dominate the economy, employing the majority of the population, among it includes the major manufactures are mobile phones, consumer electronics, household whitegoods, cars, ships, steel and all of which are exported around the world.

The East Asian nation on the southern half of the Korean Peninsula, South Korea imported 1.47 million tonnes of aluminium scrap during 2019-20 and the expenditure recorded for the import volume was $2.69 billion.

In 2019, the South Korean import of aluminium scrap was registered at 885,944 tonnes and the expenditure for the occurred was $1.09 billion, whereas, in 2020 the import saw a drop by 33.36%, as the import volume plunged to 590,340 tonnes, while the expenditure demonstrated surge to $1.6 billion.

South Korea’s import of aluminium scrap in 2021 is analysed with growth by 7.72%, as the import volume is predicted to upsurge and remain at 635,940 tonnes and the expenditure is projected to escalate at $2.65 billion.

The major trading nations for South Korea’s import of aluminium scrap are Angola, Australia, Bangladesh, Belgium, Brazil, Canada, Chile, China, Cuba, Georgia, Ghana, Hong Kong, Iceland, India, Italy, etc.