South Korea exported 12% less base oil in May – for its lowest volume since the end of last year – and its reported value declined by 16%, according to data released by a government agency.
The country exported 333,974 metric tons of base oil in May, compared to 378,982 tons. May’s export volume was the lowest for a month since 300,083 tons exported in December last year.
The value reported for the exported base oil slid down to U.S. $408.3 million, compared to $483.9 million. It ended a streak of three consecutive months where the value topped the $423 million mark.
As a leading base oil exporter, South Korea transports most of its production to markets globally, pulling in major profits for its refiners.
The volume of base oil imported plummeted 61% to 14,639 tons in May, compared to 37,570 tons. The May imports volume was the lowest this year and the lowest for a month since 14,473 tons last October.
May was the second consecutive month of 60%-range year-on-year drops in base oil imports. In April, the 18,697 tons imported was down 60%.
The reported value of the base oil imported in May dropped 68% to $16 million, compared to $50.3 million. The value was lower than for any month this year or last year.