South Korea exported 23% less base oil volume in November and the exports’ declared value was flat, compared to the same month last year, according to data released this week by the Korea Customs Service.
Base oil exports totaled 338,923 metric tons in November, falling from 440,505 metric tons the same month of 2022. November marked the 10th month this year that export volumes fell shy of 400,000 tons, a mark only passed in September. In 2022, monthly volumes crossed that threshold six times.
The declared value of the exported base oil was virtually unchanged at $439.3 million. That was the fourth-highest declared value last year, behind $574.5 million in September, $566.3 million in July and $483.9 million in May.
The country is one of the world’s biggest base oil exporters.
The volume of base oil imported into South Korea rose 10% to 21,945 tons but was the third-lowest monthly import volume this year.
The declared value of the imported base oil jumped 23% to $26.5 million, though that was the third-lowest such value for a month this year.