South Korea exported 5% less base oil than in the same month of last year, and the reported value of those exports dropped 24%, a government agency reported.
The country imports far less base oil, but that number made a big proportional jump in June.
South Korea exported 284,422 metric tons of base oil in June, compared to 300,518 tons in the same month in 2022, according to the Korea Customs Agency. June’s total was the lowest export volume for a month since 247,102 tons in May 2022, toward the end of the COVID-19 pandemic.
The reported value of the base oil exported from South Korea fell to $310.5 million in June, down from $408.3 million. June’s base oil export value figure was the lowest since $272 million in February 2021.
South Korea, which is a leading exporter of base oils, transports most of its production to markets around the world, reaping major profits for its refiners.
Base oil imports into the country jumped 35% to 34,321 tons in June, compared to 25,510 tons 12 months earlier. June’s import volume was the highest since 31,643 tons in September last year.
The declared value of the base oil imports rose 17% to $40.2 million in June, the highest level since $43 million in September 2022.