South Korea exported 22% less base oil volume in June, compared to the same month last year, but the declared value of those exports rose 4%, according to data released last week by the Korea Customs Service.
South Korea exported 300,688 metric tons of base oils in June, down from 384,127 tons, according to the agency’s data. The June total was the lowest export volume for a month since May 2021. Sequentially, the June total was also a 21% decline from 378,979 tons in May.
The base oil volume exported during the first half of this year decreased 5% to 2.1 million tons, compared to the same period in 2021.
The declared value of base oil that South Korea exported in June increased from $390.9 million to $408.1 million. It was the second consecutive month the value topped $400 million. Sequentially, the value was down 15% from $478.2 million in May.
During the first half of this year, the declared value of exported base oil increased 20% to $2.4 billion, compared with $2 billion.
South Korea is one of the world’s largest base oil exporters.
The country imported 25,510 tons of base oil in June, a 12% increase. The value of the base oil imported in June was up 33% at $34.3 million. For the first half of this year, base oil imports declined 18% to $204 million, while the value of the imports increased 7% to $238.8 million.