South Korean base oil export volumes decreased 1%, and the value of the base oil exported decreased 5% in January, compared with the same month last year, according to data released by the Korea Customs Service.
The country’s producers in January exported 360,742 metric tons, compared with 365,687 tons in January 2021. Despite the decrease, it was the highest export volume since 414,605 tons in September 2022.
The value of base oil exported from the country in January declined to $370.8 million, down from $389.3 million. Last month, that value was lower than all but two months of 2022 –$350.8 million in February and $348 million in December.
In January, the nation’s base oil import volume dropped 34% to 19,871 tons, compared with 29,893 tons. That was higher than in only October 2022, when base oil imports totaled 14,473 tons.
The value of imported base oil in January fell 29% to $22.5 million, down from $31.8 million. That was only higher than two months in 2022 –$19.8 million in October and $22.5 million in December.
As one of the world’s largest base oil exporters, South Korea sends most of its produced volumes to overseas markets.