Base oil exports from South Korea dipped half a percentage point in 2024, falling to their lowest level since 2016, according to the latest data from the country’s Customs Service.
The value of those exports also decreased, falling to their lowest level since 2020.
South Korea is one of the world’s largest base oil exporters and biggest suppliers of API Group II and III base stocks for the global finished lubricants market. For the full year 2024, those exports totaled 4,169,974 metric tons, barely lower than 4,190,196 tons in 2023. The annual total has not been lower since 2016 when it was 4,163,735 tons.
The declared value of those exports was U.S. $4 million, down 14% from $4.6 million in 2023. The value for the entire year has not been lower since 2020, the first year of the COVID-19 pandemic, when it plunged to $2.5 million.
Base oil prices were down in 2024 due to healthy availabilities and slack demand.