South Korea accounted for around 7.5% of global export thermal coal demand in 2023. However, due to the government's strong push for nuclear energy and decarbonisation efforts, thermal coal imports are forecasted to fall to around 77Mt in 2024 from around 84Mt in 2023.
South
Korea has been among the top five importers of thermal coal for decades, with
coal-fired generation contributing over 30% to the country's total energy mix,
supporting its industrial revolution since the 1990s.
However,
this is unlikely to be sustained going forward as Korea shifts its focus
heavily towards nuclear energy in response to global trends towards
decarbonisation.
Current Status
AME
forecasts that South Korea will import 77Mt of thermal coal in 2024, down by 8%
from 2023. Korea imported 20Mt of thermal coal in the first three months of
2024, down 10% on-year.