South Korea’s January petrochemical exports surge 76%

01 February 2010 10:58  [Source: ICIS news]

SINGAPORE (ICIS news)--Petrochemical exports from South Korea surged in January amid improving global economic conditions and rising demand from key trading partner China, the country’s Ministry of Knowledge Economy said on Monday.

Petrochemical exports increased by 76% year on year, the ministry’s export and import division reported, based on preliminary data.

However, the surge in Korean exports may slow down as the year progresses, with new capacities coming on stream in China, analysts have warned.

A decline in exports from November 2008 to October 2009 amid the global economic crisis also provided a low base for comparison.

Overall, the country’s exports increased by 47% year on year to $31.1bn in January, the ministry said.

Exports of automotive parts were two-and-a-half times higher year on year, while exports of semiconductors and liquid crystal devices more than doubled, the ministry reported.

For the first 20 days of January, shipments to China climbed 89% year on year, while exports to the 10-member Association of South East Asian Nations (ASEAN) rose 50%, the ministry said.

Meanwhile, overall imports increased by 27% to $31.6bn, driven by inbound crude oil and petroleum shipments. Inbound shipments of raw materials rose by 21%, the ministry added.

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By: Nurluqman Suratman



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