South Korea’s import of aluminium wire during 2019-20 manifests marginal decline; 2021 predicts further drop with a surge in expenditure

South Korea remains the fourth largest economy in Asia and its growth is driven by exports of chips and electronics and a rise in investments. The governor of the Bank of Korea, Lee Ju-yeol said earlier in April that ‘mid-3%’ growth was very possible this year, up from a previous forecast for 3% growth in 2021.

The East Asian nation’s import of aluminium wires during 2019-20 was recorded at 20,783 tonnes and the expenditure accounted for the import was $79.85 million.

In 2019, South Korea’s import of aluminium wires was registered at 10,503 tonnes and the expenditure occurred was $33.23 million, whereas, in 2020, the import manifested a marginal decline by 2.12%, as the import volume dropped to 10,280 tonnes, while the expenditure grew to $46.62 million.

South Korea’s import of aluminium wires in 2021 is estimated with a further drop by 25.35%, as the import shrunk to 7673 tonnes, but the expenditure is expected to surge and remain at $74.54 million due to the rise in the price of aluminium.

The major trading destinations of South Korea for the importation of aluminium wires are Canada, China, France, India, Indonesia, Italy, Japan, Netherlands, Spain, UAE, etc.