Base oil exports from South Korea rose 5% year over year in July, but the value of those exports dropped 2% due to lower prices.
The country exported 350,610 metric tons of base oils last month, according to the national Customs Service, up from 332,532 tons in the same month of 2024.
The declared value of those exports was $319 million in July, down slightly from $324 million year over year.
South Korea is one of the world’s largest base oil exporters serving as an important supplier of API Group II and III base oils to North America, Europe and big chunks of Asia and other regions.
Revenue from those sales has been down this year as long supply-demand balances depressed base oil prices – especially for Group III grades. Group III prices began rising recently after temporary maintenance shutdowns at several major producers caused availability to tighten.
Through the first seven months of this year base oil exports totaled 2.3 million tons, down 4% from the same period of last year. The declared value of those exports year to date was $2.1 billion, which was 15% lower.