S Korea Feb petrochemical exports fall 3.1%; overall shipments up 4.8%

Nurluqman Suratman

01-Mar-2024

SINGAPORE (ICIS)–South Korea’s petrochemical exports in February fell by 3.1% year on year to $3.94bn, reversing the 4.0% growth in the previous month, official data showed on Friday.

The country’s overall February exports rose by 4.8% year on year to $52.4bn, supported by a 66.7% year-on-year surge in semiconductor shipments, data from the Ministry of Trade, Industry and Energy (MOTIE) showed.

Imports for the month fell by 13.1% year on year to $48.1bn, resulting in a trade surplus of $4.29bn.

Automobiles, which led South Korea’s exports in 2023, had a 7.8% year-on-year fall in February shipments to $5.16bn.

The drop in automobile exports was mainly due to the reduced number of working days due to the Lunar New Year holiday, as well as maintenance works at several production lines.

Overall February exports to China dipped by 2.4% year on year to $9.65bn. Despite the decline, South Korea achieved its first trade surplus with China since September 2022.

China is South Korea’s biggest trading partner.

To the US, exports rose by 9% year on year in February to $9.8bn.

READ MORE

Global News + ICIS Chemical Business (ICB)

See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.

Contact us

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?