South Korea exported 1% less base oil, and the declared export value was up 6% in March, compared to the same month last year, according to data released by a government agency.
The country exported 375,492 tons of base oil in March, down from 379,520 tons in the same month last year, according to data released by the Korea Customs Service. The March volume was the second highest since last September. In the first quarter, base oil exports from South Korea reached 1.2 million tons, an 8% increase from the same period last year.
The value of the declared base oil exports from South Korea increased to $423.8 million in March, compared to $399 million. During the first three months of this year, the declared value of the base oil exports rose 12% to $1.3 billion.
One of the world’s top base oil exporters, South Korea exports most of its volume to markets globally to generate high profits for its refiners.
The volume of base oil imports into South Korea increased 2% to 23,738 tons in March, making it the highest total for a month since 31,643 tons last September. For the first quarter, base oil volumes imported into the country dropped 36% to 60,693 tons, compared to 94,261 tons.
The declared value of the base oil imports into South Korea increased 17% to $4.2 million in March. In the first quarter, the declared value of base oil imported into the country fell 27% to $70.6 million.