South Korea Base Oil Imports Jump

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South Korea’s base oil export volume jumped 21% in May, while the reported value of those exports increased 4%, compared to the same month last year, a government agency reported earlier this week.

According to the Korea Customs Service, the country exported 404,879 metric tons of base oil, compared to 333,536 tons in May of 2023. That was the highest level since 405,330 tons in October 2023. The high mark last year was 445,926 tons in February.

The reported value of the exported base oil reached $420.4 million, compared to $405.5 million in the same month of last year. That was the highest base oil exports value since $447.9 million in December last year. The base oil exports value topped the $400 million mark in six months last year, including from February through May, October and December.

Although base oil imports into South Korea reached 17,960 tons in May, a 23% jump from 14,639, it was also the lowest base oil import volume for a month since last May.

The reported value of the base oil imports rose 28% to $20.4 million, rising from $16 million.

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