South Korea’s base oil export volume was flat in March, although the reported value of the exported base oil declined 11%, according to data released this week by a government agency.
The country exported 375,726 tons of base oil in March, compared to 375,369 tons in the same month last year. For the first quarter, base oil exports declined 6% to 1.1 million tons.
The reported value of the exported base oils fell to $378.7 million barrels in March, compared to $423.4 million the same month of 2023n. The value of the base oil exports in the first quarter was also down 11% at $1.1 billion.
South Korea base oil import volume reached 27,037 tons in March, a 14% increase from 23,738 tons.
The value of the imported base oils rose to $31.3 million, an 11% increase from $28.1 million in March of 2023.