Rare metal raw materials import value South Korea 2022, by type

In 2022, lithium was the rare metal raw material most imported into South Korea, with a value of approximately 5.4 billion U.S. dollars. Nickel came second at around 2.6 billion dollars. Lithium is commonly used in the production of rechargeable batteries in phones, laptops, and other electronic devices.

Stockpiles of rare metals in South Korea

Many countries are stockpiling rare metals as certain types have become important in growing industries. In particular, conductive materials and other metals necessary for high-level electronics are in high demand. Within this context, South Korea has received criticism for its small reserves of rare metals, given that some of the country's major exports are largely based on electronics and semiconductors.

Mining in South Korea

Despite the small stockpiles of metals, the mining industry in South Korea primarily focuses on non-metal and non-coal mining. With less than one percent self-sufficiency in metal mining, South Korea relies heavily on imports for raw materials. However, as imports of strategic metals become harder to secure, the need to strategize materials procurement becomes even more urgent.