The amount of base oil exports from South Korea jumped 23% in November, compared to the same month of 2023, but the value of those exports rose only 3%, reflecting the decline in base oil prices the past few months.
For the year export volumes are running slightly better than last year, while value is off by 11%
The country, which is one of the world’s biggest merchant suppliers of base oils, exported 382,926 metric tons of base oil in November, according to the South Korea Customs Service, compared to 310,984 tons 12 months earlier. Last month’s total was the fifth-highest since the start of 2023. The declared value of last month’s exports was U.S. $346,746 last month, up from $337,713.
Through the first 11 months of the year, the country’s refiners shipped 3.88 million tons of base oils from its shores, an increase of 2% from 3.81 million tons for the same period of 2023. The declared value year to date is $3.8 billion, versus $4.2 billion.
Base oil prices around the world were exceptionally high last year but are tailing off in the second half of this year due to lackluster demand in many markets and ample availability.
South Korea imports far less base oil than it exports, and November’s total of 10,753 tons was the lowest since at least the start of 2000, the beginning of records on the Custom Service’s website. The country imported 25,329 tons in November of 2023. The declared values of those import totals was $17 million and $31 million, respectively.