South Korea exported 7% less base oil in July than in the same month last year, but the declared value of those oils was 25% higher, according to data released by the Korea Customs Service.
The nation shipped out 391,913 metric tons of base oil in July, compared to 422,170 tons in the same month last year. July’s total was the highest export volume since last December, when exports totaled 408,826 tons.
The value of the base oil exported rose to $566.2 million, compared with $451.6 million. That’s the first time the monthly export value crossed the $500 million this year, and it’s the highest total for a month since September 2021’s $521.1 million mark.
The country imported 50,272 tons of base oil in July, a 6% decline from 47,353 tons. Base oil imports had not reached 50,000 tons since May 2021, when imports amounted to 55,260 tons.
The imported base oil value jumped 42% to $72.8 million, compared with $51.2 million. The monthly import value is an all-time record. The import value previously crossed the $50 million mark in April and May this year, and in May 2021.
South Korea is one of the world’s largest base oil exporters.