South Korean base oil exports fell 13 percent to 1.4 million tons in the first quarter this year, down from 1.6 million tons in 2019’s first quarter, according to data released by the Korea Customs Service. The value of base oil exported in this year’s first quarter was U.S. $945.7 million.
India was the biggest destination market, receiving 21 percent of exports, or 300,234 tons, valued at $174 million. China took the next biggest share, 17 percent or 240,731 tons valued at $154.2 million. The United States received 197,018 tons, or 14 percent, valued at $164.9 million.
For full-year 2019, South Korean base oil exports reached 4.66 million tons, valued at $3.3 billion. That’s down from 4.67 million tons exported in 2018, at a value of $3.8 billion.
India, China and the United States were the top base oil export destinations for both the first quarter and for 2019.
For 2019, India received 972,733 tons, followed by China with 966,917 tons and the U.S. at 746,405 tons. In 2018, China was tops with more than 1 million tons, followed by India’s 939,280 tons and the U.S. at 680,259 tons.
South Korea is among the world’s largest exporters of base oil, shipping products from API Group II and III plants operated by SK Lubricants, S-Oil, GS Caltex and Hyundai and Shell Base Oil.
A refinery in Ulsan, South Korea, where SK Lubricants operates a base oil plant with 40,000 barrels per day of total Group II and Group III production capacity.