South Korea exported 29% more base oil in February, and the recorded value of those shipments jumped 36%, compared to results in the same month last year, according to data released this week by the Korea Customs Service.
The country exported 447,110 metric tons of base oil in February, compared to 346,816 tons in the same month last year. February’s export volume was the highest recorded at least since the start of 2021. Exports exceeded 400,000 tons once in 2022 and six times in 2021.
The declared value of the base oil exported in February rose to $477.2 million, compared to $350.8 million. In 2022, that declared export value figure was only exceeded by $574.5 million in September and by $566.3 million in July.
South Korea is one of the world’s biggest base oil exporting nations.
The country imported 17,085 tons of base oil in February, a 58.3% drop from 40,981 tons. The only lower import volume recorded last year was 14,473 tons in October.
The declared value of the base oil imported was down 51% at $20.1 million, compared to $40.6 million.