S Korea Nov petrochemical exports surge 63%, overall shipments up 32.1%

SINGAPORE (ICIS)–South Korea’s petrochemical exports surged by 63% year on year to $4.84bn in November, supporting the strong growth in overall shipments abroad, official data showed on Wednesday.

The country’s overall exports rose by 32.1% year on year to $60.4bn in November, while imports were up by 43.6% to $57.4bn, resulting in a trade surplus of around $3bn, the Ministry of Trade, Industry and Energy said in a statement.

South Korea’s exports of petroleum products more than doubled to $3.96bn in November while shipments of cars were up by 3.3% at $4.12bn.

Total exports to South Korea’s major markets – China, the US, the EU and ASEAN – all registered double-digit growth in November.

These four markets accounted for 67% of South Korea’s total exports last year, according to MOTIE.

Thumbnail photo: A container port at Busan, South Korea (Ryu Seung-Il/ZUMA Wire/Shutterstock)