South Korea exported 34% less base oil in July, and the reported value plunged 48%, compared to the same month last year, the Korea Customs Service reported.
The export volume was the smallest in more than three years and the value the lowest in more than two.
The country exported 260,082 metric tons of base oil in June, compared to 391,767 tons in July 2022. The volume of monthly exports has not been so low since since 247,102 tons in May 2020, during the early stages of the COVID-19 pandemic’s economic impacts. It was also the second consecutive month that base oil imports fell shy of 300,000 tons, a mark that had been topped every month since May 2020.
The declared value of the exports fell to $292.3 million in July, compared to $566.3 million. July’s value was the lowest since $272 million in February 2021.
Imported base oil volumes and value also declined. South Korea imported 26,225 tons of base oil in July, a 52% drop.
The value of the imported base oil plummeted 61% to $28.4 million, from $72.9 million.