South Korea’s import of aluminium household articles during 2019-20 manifests de-growth; 15% leap expected in 2021

The South Korean economy inflated at the fastest annual pace in a decade during Q2, accredits to a pick-up in private consumption, though a resurgence of COVID-19 casts doubts over the outlook for growth for the rest of the year, as reported by Reuters. Data from the Bank of Korea revealed that gross domestic product (GDP) grew 0.7% in the second quarter, rising 1.7% three months earlier and matching 0.7% growth tipped.

The East Asian nation on the southern half of the Korean Peninsula, South Korea imported 20,328 tonnes of aluminium household articles during 2019-20 and the expenditure occurred for the import accounted for $240.28 million.

South Korea’s import of aluminium household articles in 2019 was recorded at 12,115 tonnes and the expenditure inherited for the import was $95.80 million, whereas, in 2020 revealed a sharp downfall by 32.20%, as the import volume plunged to 8213 tonnes, while the expenditure soared to $144.48 million.

The import for 2021 has been analysed with a regain in growth by 15.42%, as the import volume is estimated to square up by 9480 tonnes, however, the expenditure is predicted to escalate at $236.43 million.

South Korea’s major trading destinations for the importation of aluminium household articles are China, France, Japan, Italy, Japan, UK, Vietnam, USA, etc.