South Korea’s base oil exports were virtually flat in January, compared to the same month last year, according to data released by the Korea Customs Service. January’s total was the lowest volume of base oil exported since August 2021.
The country exported 365,705 tons in January, up 1% from 361,119 tons in the same month in 2021. The January amount was the lowest since 338,225 last August. Last year, the lowest export volume for a month was 321,141 tons in May.
The value of the base oil exported by South Korea in January reached $387.7 million, a 41% increase from $275.6 million in the same month of 2021. That was the first time export value fell below $400 million since last August’s $386.3 million figure. The lowest export volume in 2021 occurred earlier last year — $272 million in February.
One of the world’s largest base oil exporters, South Korea exports most of the base oil it produces, sending it to markets around the world. This results in large profits for its refiners, which include SK Lubricants, S-Oil, GS Caltex and Hyundai Shell Base Oil.
The nation imported 29,893 tons of base oil in January, 31% less than 43,278 tons than in the same month last year.
The value of imported base oil in January, $31.8 million, was down 4% from $33 million. The highest value for imported base oil last year was $55.2 million in May, and the low mark of $21.5 million occurred in November.