South Korean Base Oil Exports Fall


South Korean Base Oil Exports Fall

South Korea exported 6% less base oil September, but the declared value of the product exported rose 10%, compared to the same month last year, according to data released by the Korea Customs Service.

The country exported 414,309 metric tons in September, compared with 442,932 tons in the same month last year. However, sequentially, the export volume represented a 26% jump from 327,729 tons in August. The September figure was also the first month since December 2021 that the monthly export volume topped 400,000 tons.

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The declared value of the exported base oil was $574.6 million in September, compared with $521.1 million. In recent years, the only other times the country’s exported base oil value topped $500 million in a month were in July this year and last September. Sequentially, the September declared value was up 37% from $420.4 million in August.

South Korea is one of the world’s largest base oil exporters.

The country imported 31,643 tons of base oil in September, a 28% year-to-year drop from 44,038 tons. Sequentially, September’s total was down 6% from 20,175 tons in August.

The declared value of the base oil imported in September was down 10% at $43.9 million. Sequentially, September’s declared value represented a 51% jump from $28.5 million.

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