South Korea exported more base oil at a much higher value in March than in the same month in 2020, according to data released by the Korea Customs Service. The export volume and value amounts in March were the country’s highest for a month since early 2020.
The country exported 418,459 metric tons of base oil in March, a 9% increase from 384,195 tons in the same month of last year. The March total was the highest recorded since January 2020, when it reached 447,339 tons. In the first quarter, South Korea exported 1.15 million tons, up slightly from 1.13 tons in 2020’s first quarter.
The base oil exported by South Korea in March was valued at $358.6 million, 45% higher than the figure for March of 2019. That was the highest monthly value since $306.9 in January 2020. For the first quarter, the value of base oil exports amounted to $908.1 million, up 19% year to year from $765.6 million.
South Korea is one of the world’s largest base oil exporters, sending most of its volume to markets around the world to generate healthy profits for the nation’s refiners. Those include SK Lubricants, S-Oil, GS Caltex and Hyundai Shell Base Oil. The country imported 56,871 tons of base oil in February, a 101% jump from the year-earlier period. For the first quarter, South Korea imported 128,744 tons of base oil, representing a 43% increase from 89,923 tons in 2020’s first quarter.