S Korea’s Feb current account widens, petchem exports up 8%

28 March 2013 09:19  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s current account widened to $2.71bn (€2.11bn) in February this year from a revised $2.33bn in January amid a fall in imports, the Bank of Korea (BOK) said on Thursday.

The country’s exports fell by 7.9% year on year to $42.2bn while imports tumbled by 11% to $39.7bn in February, the BOK said in a statement.

Current account measures an economy’s trade in goods, services, tourism and investment with the rest of the world.

The gain in February marks the 13th consecutive month of a current account surplus for South Korea.

Overseas shipments of petrochemicals rose by 7.8% year on year to $4.2bn in February, while exports of petroleum products slipped by 2.2% to $4.5bn,  according to an earlier report by the Ministry of Knowledge Economy (MKE).

South Korea’s exports of ethylene rose by 36.4% year on year to 81,089 tonnes in February, while shipments of propylene was down by 17.8% at 79,468 tonnes, according to data by the Korea International Trade Association (KITA).

Shipments of paraxylene (PX) surged by 52.3% year on year to 282,841tonnes, while exports of benzene slipped by 3.2% to 124,300 tonnes,  the KITA data showed.

($1 = €0.78)

 

EXPORTS (in metric tonnes)

PRODUCT

February '13

February '12

YoY Difference

% Change YoY

Ethylene

81,089

59,431

21,658.00

36.44

Benzene

124,300

128,385

4,085.00

3.18

Polypropylene

99,395

74,068

25,327.00

34.19

Polyethylene

113,232

98,087

15,145.00

15.44

LLDPE

39,967

37,492

2,475.00

6.60

LDPE

25,258

28,485

3,227.00

11.33

HDPE

113,232

98,087

15,145.00

15.44

Toluene

105,570

102,223

3,347.00

3.27

Propylene

79,468

96,627

17,159.00

17.76

Butadiene Rubber

31,968

28,678

3,290.00

11.47

Buta-1,3-diene and isoprene

22,068

24,547

2,479.00

10.10

Styrene

99,795

77,065

22,730.00

29.49

Paraxylene

282,841

185,696

97,145.00

52.31

PET

54,807

71,784

16,977.00

23.65

Mixed Xylene Isomers

41,144

29,034

12,110.00

41.71

PTA

230,713

314,155

83,442.00

26.56

MMA

1,841

5,284

3,443.00

65.16

PMMA

10,389

11,519

1,130.00

9.81

Orthoxylene

5,821

7,755

1,934.00

24.94

Expansible polystyrene

12,885

15,462

2,577.00

16.67

Acrylonitrile

14,337

18,808

4,471.00

23.77

Polycarbonate

36,425

34,786

1,639.00

4.71

Ethyl Acetate

46

229

183.00

79.91

Vinyl Acetate Monomer

2,461

4,612

2,151.00

46.64

Paraffin Wax (slack wax and scale wax)

857

835

22.00

2.63

P-wax with less than 0.75%

33

126

93.00

73.81

PVC (not mixed with other substances)

59,445

62,121

2,676.00

4.31

PVC (non-plasticised)

22

192

170.00

88.54

PVC (plasticised)

1,870

2,310

440.00

19.05

PVC (In aqueous dispersion)

33

62

29.00

46.77

Source: KITA


By: Nurluqman Suratman



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