14.8%! South Korea's exports of petrochemical products fell sharply last year

Source: SINOCHEM Time: 2020-01-14

Xinhua News learned from the website of the Ministry of Commerce that South Korea's \"dailian\" news reported on January 3 that in 2019, due to factors such as the decline in international oil prices and the addition of refining facilities in competing countries, the export of petrochemical products and petroleum products in South Korea fell sharply. On January 3, the Ministry of Trade, Industry and Energy recently announced the \"Import and Export Trends in 2019\", showing that the export volume of petrochemical products from South Korea last year was US$42.57 billion, a year-on-year decrease of 14.8%. The export of petroleum products was US$40.63 billion, a year-on-year decrease of 12.3%.

The international oil price last year was US$63.55 per barrel, a year-on-year decrease of 8.8%. The unit price of petrochemical products was US$1,125 per ton, a year-on-year decrease of 16.4%, and the rate of decrease was nearly twice that of international oil prices. The unit price of petroleum products exported was US$73 per ton, a year-on-year decrease of 9.6%.

The analysis said that there are still many uncertainties in the export of petrochemical products and petroleum products this year. According to the Overseas Economic Research Institute of the Export-Import Bank of Korea, this year, due to factors such as a slight year-on-year decline in international oil prices, a global economic slowdown, and oversupply in the United States, this will result in lower product prices. This year, the export scale of petrochemical products will reach 40 billion US dollars, a year-on-year decrease of about 6%. The export scale of petroleum products will also reach US$40 billion, a decrease of about 1.6% year-on-year.