S Korea June base oil exports fall 14% from May

20 July 2012 07:03  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s base oil exports in June fell by 14.3% from May at 279,902 tonnes, official data showed on Friday.

Demand is being weighed down by the weak global economic outlook, market sources said.

On a year-on-year basis, the country’s base oil exports declined by 28%, according the Korea International Trade Association (KITA).

India imported the highest volume of base oil from South Korea at 58,661 tonnes, followed by the US at 51,528 tonnes, the Netherlands at 37,646 tonnes, China at 30,204 tonnes and Japan at 26,654 tonnes, official data showed.

South Korea’s base oils exports to India and Japan increased by 25% and 36%, respectively, while those to the US, Netherlands and China declined by 9.9%, 11.5% and 24.63%, respectively, according to KITA.

By: Serena Seng

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