April 27, 2024
Economy
Coal imports set another record in 2018
Korea’s coal imports hit a new high last year despite government efforts to phase out the use of fine dust-emitting energy sources, industry data showed on Feb. 19.
The country shipped in 131.52 million tons of coal last year, breaking the record for the second consecutive year. Coal imports in 2017 totaled 131.46 million tons. The figure for 2018 marks an 11 percent increase from 2016.
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The monetary value of the imports totaled US$14.65 billion last year, a gain of 8.7 percent from the year before. It is the highest amount since 2012.
The volume increased more than the monetary value as prices rose from major producing countries, such as Australia and Indonesia, cutting back on their supply.
The import price averaged US$111.41 per ton last year, up 8.7 percent from US$102.54 the previous year. It is a 60 percent leap from US$68.95 in 2016.
The latest data challenges ongoing government efforts to replace coal-based power generation with cleaner energy resources.
By Ram Garikipati and newswires (ram@heraldcorp.com)
