The volume of base oil exported by South Korea fell 3% in August, compared to the same month last year, while the declared value of the exported base oil rose 8%, according to data released by the Korea Customs Service.
The country exported 326,898 metric tons of base oil in August, compared with 338,225 tons in the same month last year. Except for 300,518 tons in June, August was the lowest export weight since 321,141 tons in May 2021.
The value of the base oil exported was up 8% in August at $418.8 million, compared with $386.3 million. The August value was the third highest for a month this year, behind $565.9 million in July and $483.9 million in May.
South Korea is one of the world’s largest merchant suppliers of API Group III base oils.
The country imported 20,175 tons of base oil in August, 16% less than 24,036 tons from the say period a year ago. Sequentially, August was a 60% drop from 50,0272 tons in July and was the lowest import volume since 19,699 tons in June 2021.
The value of the base oil imported in August was up 8% at $28.5 million, compared to $26.3 million. Sequentially, that was down 61% from $72.8 million in July and was the lowest import value since $23.9 million in March.