23 July 2012 06:58 [Source: ICIS news]
By Nurluqman Suratman
The country’s benzene shipments totalled 141,212 tonnes last month compared with 76,958 tonnes in the same period in 2011, according to the Korea International Trade Association (KITA).
About 29% of
Exports of paraxylene (PX) surged by 54% year on year to 229,741 tonnes, while overseas shipments of polyvinvyl chloride (PVC) jumped by 43% to 71,161 tonnes, based on official statistics.
In terms of value, however, the country’s petrochemicals exports in June declined by 21.2% year on year to $3.09bn (€2.56bn) because of lower prices amid weakening demand from its key markets such as China and the EU, said Lee Sung-Kwon, senior vice president and chief economist at Seoul-based Shinhan Investment.
“The Korean exports for petrochemicals and petroleum products have been sluggish due to the decline in Chinese [economic] growth and the European fiscal crisis,” Lee said.
Exports of petroleum products fell by 9.9% year on year to $4.73bn in June, he said.
“The Chinese economy should have bottomed out in the second quarter and is likely to show gradual recover in the third quarter so exports [from South Korea] is expected to rebound,” he said.
“For the EU, especially in southern
South Korea’s petrochemical exports in the first six months of 2012, slipped by 1.9% to $22.1bn, according to its Ministry of Knowledge Economy (MKE), basing the data on the first 20 days of each month.
In terms of overall exports, shipments to
($1 = €0.83)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections