South Korea’s base oil export volume was much higher in April than in the same month last year, making the third consecutive month of increases. And the export value more than doubled from April 2020, reflecting a sharp rise in base oil margins.
The country exported 459,051 metric tons of base oil in April, a 51% increase from 303,923 tons in the same month last year, according to data released by the Korea Customs Service. It was also the second consecutive month the volume reached such heights, after attaining 417,276 tons in March. The March and April volumes were the highest since January 2020, when volume reached 447,339 tons.
The declared value of base oil that South Korea exported in March grew 140% to $422.9 million in April, up from $176 million in the same month last year. That total and the $356.6 million export value in March were the highest totals for the country since $306.9 million in January 2020.
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 41,396 tons of base oil in April, a 25% increase from 33,208 in the year-earlier period. Last year, South Korea’s base oil imports peaked at 49,038 tons in July.