S Korea’s exports of aromatics higher in July; overall value lower
Nurluqman Suratman
31-Aug-2015
SINGAPORE (ICIS)–South Korea’s exports of major aromatics rose in July, with shipments of paraxylene (PX) surging by 67% year on year to 530,819 tonnes, amid a dip in the value of petrochemicals shipped abroad, latest data from the Korea International Trade Association (KITA) showed on Monday.
Shipments of PX to China surged by 72.2% year on year to 480,562 tonnes in July, while those to Taiwan and Japan rose by 35.6% and 2.16% to 40,488 tonnes and 9,769, respectively, according to KITA.
Overseas shipments of purified terephthalic acid (PTA), a key downstream market for PX, was up by 2% year on year at 222,838 tonnes.
Exports of benzene rose by 9% year on year to 184,330 tonnes in July, while shipments of toluene were up by 4% at 31,605 tonnes, the data showed. (please see table below)
Among other key polymers, South Korea’s exports of polypropylene (PP) rose by 26% year on year to 128,009 tonnes while shipments of polyethylene (PE) were 9% lower at 92,358 tonnes, according to KITA.
South Korea’s Ministry of Trade, Industry and Energy (MOTIE) in an earlier statement said that the country’s exports fell by 3.3% year on year to $46.6bn in July while imports decreased by 15.3% to $38.8bn.
This resulted in a trade surplus – for the 42nd consecutive month – of $7.76bn, according to MOTIE.
“The volume of overseas shipments rose while unit prices fell as a result of factors such as falling oil prices and global oversupply,” the ministry said.
The overall export value of petrochemicals fell by 17.2% year on year in July while those of petroleum products slumped by 28.1%, it said.
Overall export volumes abroad rose by 7.8% year on year in July, compared with the 10.8% growth in June 2015, according to MOTIE.
“South Korea’s export volume maintained an upward trend despite a continued decline in exports in terms of dollar-denominated value. The profitability of export companies will likely improve slightly as won-denominated exports increased 8.4% in July thanks to a more favourable exchange rate,” it added.
While the contraction in exports narrowed in June, it could be just due to the fluctuation in global commodity price, Singapore-based DBS Group Research said.
Looking ahead, South Korea’s domestic demand is expected to regain some momentum in the second half of 2015, it said.
“The adverse impact of MERS [Middle East Respiratory Syndrome] should have started to diminish since late-June as the number of new infection cases passed the peak. On the external front however, risks are now on the rise, given the Greece-related uncertainties and a possible slowdown in Europe that further weighs on Korea’s exports,” DBS added.
Meanwhile, the country’s overall production fell by 3.3% year on year in July, amid a 3.5% contraction in manufacturing, the official Statistics Korea said in its monthly report on Monday.
Producers’ shipments fell by 1.8% year on year in July while inventories were 4.8% lower, the statistics department added.
|
PRODUCT |
Jul-15 |
Jul-14 |
YoY Difference |
% Change YoY |
|
Ethylene |
56,101 |
59,168 |
-3,067 |
-5 |
|
Benzene |
184,330 |
169,446 |
14,884 |
9 |
|
Polypropylene |
128,009 |
101,692 |
26,317 |
26 |
|
Polyethylene |
92,358 |
101,094 |
-8,736 |
-9 |
|
Toluene |
31,605 |
30,341 |
1,264 |
4 |
|
Propylene |
102,220 |
96,723 |
5,497 |
6 |
|
Butadiene Rubber |
31,663 |
30,349 |
1,314 |
4 |
|
Buta-1,3-diene and isoprene |
14,974 |
12,374 |
2,600 |
21 |
|
Styrene |
118,099 |
141,726 |
-23,627 |
-17 |
|
Paraxylene |
530,819 |
317,557 |
213,262 |
67 |
|
PET |
72,690 |
56,844 |
15,846 |
28 |
|
Mixed Xylene Isomers |
1,133 |
23,830 |
-22,697 |
– |
|
PTA |
222,838 |
217,615 |
5,223 |
2 |
|
MMA |
5,207 |
5,403 |
-196 |
-4 |
|
PMMA |
10,715 |
12,080 |
-1,365 |
-11 |
|
Expansible polystyrene |
9,275 |
9,995 |
-720 |
-7 |
|
Acrylonitrile |
23,081 |
22,016 |
1,065 |
5 |
|
Polycarbonate |
48,742 |
47,136 |
1,606 |
3 |
|
Ethyl Acetate |
20 |
19 |
1 |
5 |
|
Vinyl Acetate Monomer |
0 |
504 |
-504 |
-100 |
|
Isocyanates |
24,146 |
21,690 |
2,456 |
11 |
|
Paraffin Wax (slack wax and scale wax) |
872 |
846 |
26 |
3 |
|
P-wax with less than 0.75% |
43 |
41 |
2 |
5 |
|
PVC (plasticised) |
2,078 |
2,822 |
-744 |
-26 |
|
Linear Alkyl Benzene (LAB) |
9,689 |
13,428 |
-3,739 |
-28 |
|
Linear Alkylbenzene Sulphonate (LAS) and Sodium Lauryl Ether Sulphate (SLES) |
12,679 |
11,434 |
1,245.00 |
10.89 |
Source: Korea International Trade Association (KITA)
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