South Korean base oil exports decreased 23% in October, compared to the same month last year, while the declared value of those exports was down 14%, according to data recently released by the Korea Customs Service.
The country exported 329,898 tons of base oil in this year’s tenth month compared to 429,107 tons in October of 2021. The volume for this October was the third-lowest monthly total for this year, ahead of 327,729 tons in August and 300,518 tons in June.
The declared value of the base oil exported declined to $379.7 million, down from $443 million. The October declared base oil export value was the lowest this year since $350.8 million in February and marked the first month since April that the value fell below $400 million. April’s value was $385.3 million.
The country is one of the world’s largest base oil exporters.
The volume of base oil imported dropped 55% year to year to 14,473 tons in October. It was the least amount imported into South Korea since 14,904 tons in December 2019.
The declared value of the base oil imported declined 44% to $19.8 million, the lowest declared import value for a month since $12 million in December 2020.