Why does South Korea import most of its crude petroleum and iron ore?

South Korea must import its crude petroleum and the majority of its iron ore primarily because the country possesses only meager mineral resources. While South Korea does have some domestic deposits of minerals such as anthracite coal, graphite, and tungsten, these are insufficient to meet the nation's industrial demands.1

Because domestic extraction cannot satisfy the requirements of its economy, the country relies on international trade to secure essential raw materials. This dependency is a structural reality of the South Korean economy, which necessitates the importation of mineral fuels and metal ores to support its power generation and manufacturing sectors.12