The economy of South Korea is a highly developed mixed economy dominated by family-owned conglomerates called chaebols. It is the 4th largest GDP in Asia and the 12th largest in the world. South Korea is known for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just a few generations. The major industries that contribute to the economy of South Korea are Electronics telecommunications automobile production chemicals shipbuilding steel, etc.
The East Asian nation’s import of bauxite during 2017-19, remained quite impressive as per the requirement of the industry. The import volume during this phase recorded was 1.007 million tonnes. The projected bauxite import for 2020 is marked at 370,636 tonnes, however, when it gets added to the preceding three years it reveals 1.377 million tonnes.
In 2017, South Korea’s bauxite import remained to only 182,307 tonnes, whereas in 2018 the import saw a surge by 123.43%, as the import volume rose to 407,335 tonnes, with Y-o-Y excess volume by 225,028 tonnes.
South Korea’s import of bauxite in 2019 also depicted a marginal rise by 2.45%, as the import volume stood to 417,578 tonnes.
Bauxite import for 2020 has been estimated with downfall by 11.24%, as the import volume is expected to fall and remain at 370,636 tonnes.
The major trading nations for South Korea’s bauxite importation are Australia, China, India, Netherlands, etc.
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