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LONDON (ICIS)–INEOS Inovyn has received certification for renewable hydrogen production from the International Sustainability & Carbon Certification (ISCC) PLUS scheme for the company’s site in Belgium, it was announced 2 October. Since June 2023, hydrogen production at INEOS Inovyn’s Antwerp site in Belgium has not been certified under ISCC PLUS, a global voluntary certification program that is applicable for the bioeconomy and circular economy for food, feed, chemicals, plastics, packaging, textiles, and renewable feedstock derived from a process using renewable energy sources. The Antwerp site produces hydrogen via Chlor-Alkali electrolysis, which is the electrolysis of brine producing chlorine, caustic soda/potash, sodium hypochlorite and hydrogen. The electricity used in the electrolysis process was supplied directly from wind turbines located off the north coast of Belgium, INEOS Inovyn said in the press release, which means that the hydrogen would fall under renewable hydrogen under European Union regulation if the wind turbines have been in operation for less than three years and have not received any previous subsidy. INEOS Inovyn also said that they have both existing and local power purchase agreements (PPAs). Market participants have been urging policymakers to bring in regulation that allows for a global renewable hydrogen standard. With different regions of the globe having different views on how hydrogen can be produced and what constitutes renewable hydrogen, voluntary schemes such as the ISCC PLUS have been developed in the absence of an agreement on the global hydrogen standard. This will allow potential offtakers to manage risk and have certified renewable hydrogen as a feedstock source. Data from ICIS showed that the breakeven cost for front-month offshore wind electrolysis in the Netherlands was €6.96/kg on 29 September with the French equivalent standing at €6.94/kg. Both of the above electrolysis costs are higher than their front-month baseload equivalents at €6.30/kg and €6.09/kg respectively, however, neither grid is able to qualify for renewable hydrogen under the renewable energy directive (RED) legislation which requires 90% of the electricity to be generated by renewable assets to qualify.

HOUSTON (ICIS)–An index measuring US manufacturing activity rose by 1.4 points to 49%, placing it barely in the territory indicating contraction, the Institute for Supply Management (ISM) said on Monday. The following chart shows the performance of the manufacturing PMI over several years and during recessions. September marked the 11th month that the ISM’s manufacturing purchasing managers index (PMI) was below 50, the threshold between contraction and expansion. Although the September purchasing PMI still indicated contraction, it rose more than expected, and it may point to signs that the downturn in manufacturing is bottoming out, said Kevin Swift, ICIS senior economist for global chemicals. “Demand remains soft, but production execution improved compared to August as panellists’ companies prepared for Q4,” Swift said. Suppliers continue to have capacity, and customer inventories fell deeper into the territory considered to be too low, he said. Such low inventories are a positive for future output. Meanwhile, prices fell again amid weak demand, he said. Employment improved. Overall, the manufacturing PMI figures provide further evidence of a rolling recession, in which different parts of the economy contract at different times. Although the September PMI report was better than expected, one month does not make a trend, Swift said. The services industry seems to continue expanding, and the upcoming nonmanufacturing PMI should provide more clues when it is released on Wednesday. The chemical industry registered its 13th month of decline. “We need to coordinate very closely with suppliers in order to yield a more cost-competitive offer,” according to a comment from a participant in the chemical industry. “More back and forth is needed to reach a reasonable total price.” The following table breaks down the manufacturing PMI. Index Series Index Sep Series Index Aug Percentage Point Change Direction Rate of Change Trend* (Months) Manufacturing PMI® 49 47.6 1.4 Contracting Slower 11 New Orders 49.2 46.8 2.4 Contracting Slower 13 Production 52.5 50 2.5 Growing From Unchanged 1 Employment 51.2 48.5 2.7 Growing From Contracting 1 Supplier Deliveries 46.4 48.6 -2.2 Faster Faster 12 Inventories 45.8 44 1.8 Contracting Slower 7 Customers’ Inventories 47.1 48.7 -1.6 Too Low Faster 4 Prices 43.8 48.4 -4.6 Decreasing Faster 5 Backlog of Orders 42.4 44.1 -1.7 Contracting Faster 12 New Export Orders 47.4 46.5 0.9 Contracting Slower 4 Imports 48.2 48 0.2 Contracting Slower 11 OVERALL ECONOMY Growing From Contracting 1 Manufacturing Sector Contracting Slower 11 *Number of months moving in current direction.

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 29 September: US auto union to expand strike to additional Ford, GM assembly plants The United Auto Workers (UAW) union will expand its strike to two Ford and GM assembly plants at 16:00 GMT (noon EST) as negotiations with the Big Three automakers continue. Eastman sells Texas City operations to INEOS Acetyls for $490m Eastman has reached a definitive agreement to sell its Texas City acetyl operations near Houston to INEOS Acetyls for $490m, officials said on Thursday. BP starts building US solar plant to power Exxon-SABIC petrochemical project UK energy firm BP has started building a solar project in Texas that will supply electricity to the joint venture petrochemical project of ExxonMobil and SABIC in the US Gulf Coast. US firms build smaller homes to make them more affordable – Huntsman US builders are reducing the sizes of single- and multifamily housing to make them more affordable as mortgage rates reach 20-year highs, an executive at Huntsman said. Canadian labour union starts talks with GM, avoids strike deadline Canadian labour union Unifor started collective bargaining talks with General Motors (GM) on Tuesday, but has not set a strike deadline.

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the fortnight ended on 29 September. NEWS Brazil’s Petrobras, Vale mull joint low-carbon projects Brazil’s state-owned energy major Petrobras and mining major Vale have signed a Memorandum of Understanding (MoU) to explore low-carbon joint projects in fuels and CO2 carbon, capture, and storage (CCS). Brazil’s industry on ‘moderate reacceleration’ as 2023 growth prospects near 3% Brazil’s economy started 2023 on the backfoot and GDP growth expectations at barely 1%, but nine months later most economists and analysts now expect growth to be around three times higher. Mexico’s central bank keeps interest rates unchanged at 11.25% The Bank of Mexico on Thursday kept its main interest rate benchmark unchanged at 11.25% as it deemed inflation remained at high levels. Brazil’s chemicals producer prices rise 1% in August ending year-and-a-half downturn Brazil’s chemicals producer prices rose by 1.02% in August, month on month, ending an 18-month long downturn, the country’s statistical office IBGE said on Thursday. Argentina’s output falls in July, cabinet launches favourable dollar rate for oil, gas exporters Argentina’s economic output fell by 1.3% in July, year on year, but posted an increase of 2.4% compared with June, the country’s statistics office Indec said this week. Argentina’s Q2 GDP falls nearly 5% on severe drought Argentina’s second-quarter GDP fell by 4.9%, year on year, on the back of the severe drought affecting its key agricultural sector, which contracted by 40.2% during the quarter, the country’s statistics office Indec said this week. Brazil central bank cuts rate by half point for second time Brazil’s central bank cut on Wednesday its benchmark Selic interest rate by a half point for the second consecutive time to 12.75% as inflation remains below its target. PRICING LatAm PE domestic, international prices steady, focus on October prices Domestic and international polyethylene (PE) prices were assessed unchanged this week across Latin American countries. LatAm PP prices increase in Colombia on higher feedstock costs Domestic polypropylene (PP) prices increased in Colombia, tracking higher feedstock costs. In other Latin American (LatAm) countries prices were steady, although upward pressures remain. Latin America PET prices unaltered at the end of September Polyethylene terephthalate (PET) prices in Mexico are steady this week, based on sustained demand in September and growing spot supply availability with a focus on local and international buyers. Unipar approves phase out of diaphragm and mercury technologies at Sao Paulo plant Unipar has given the green light to its Phase Out Project (PO25) for diaphragm and mercury technologies at its plant in Cubatão in Sao Paulo, which should be accomplished by 2025. LatAm PP domestic prices increase in Mexico due to higher US spot propylene Domestic polypropylene (PP) prices increased in Mexico on the back of higher US propylene spot prices. Several outages in the US this month tightened a market that was already facing low inventories.

LONDON (ICIS)–The fertilizer market continues to see a mixed trend with urea once again getting inactive ahead of a fresh tender from India, while phosphates and ammonia are firm backed by demand in India and the US, respectively. The fertilizer team discusses the trend in urea, ammonia and phosphates ahead of The Fertilizer Institute (TFI) conference in Washington (2-3 October).

LONDON (ICIS)–Click here to see the latest blog post on Chemicals & The Economy by Paul Hodges, which looks at the paradigm shifts changing the chemicals world. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author and do not necessarily represent those of ICIS. Paul Hodges is the chairman of consultants New Normal Consulting.

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 29 September. EPCA ’23: Recovery based on hope, not facts, for Europe’s phenol and acetone, but the worst should be over When will the upturn come? That was the dominating question at this year’s EPCA meeting, with forecasts for phenol and acetone varying from Q2 next year to the start of 2025. EU economic confidence drops in September on gloomy consumer outlook despite industry gains Wilting consumer confidence weighed on economic sentiment in Europe in September, according to the latest data from the EU Commission on Thursday. EPCA ’23: Europe petchem markets in trough, no upturn expected for 2024 The European petrochemical markets are in a trough, with no demand upturn expected for 2024. EPCA ’23: Chems industry faces higher carbon prices, heavier CO2 targets – Cefic The EU chemicals industry is likely to be hit by substantially higher carbon prices and a more ambitious wave of CO2-reduction reduction targets from the European Commission in the years ahead, the director general of industry body Cefic said on Tuesday. EPCA ’23: Europe PX/OX markets to see further pressure in Q4 Europe’s paraxylene (PX) and orthoxylene (OX) markets look set for a gloomy run until the end of the year, and there is no sign of a demand recovery until Q2 2024 as the feedstock cost trend is unclear after several weeks of bullish upstream sentiment driven by firmer crude costs.

Updated on 2 October. On this topic page, we gather the latest news, analysis and resources, to help you to keep track of developments in the area of sustainability in the fertilizers industry. LATEST NEWS HEADLINES US ADM and Syngenta sign MoU to collaborate on low carbon oilseeds to meet biofuel demand By Mark Milam 28-Sep-23 HOUSTON (ICIS)–US Archer Daniels Midland (ADM) and Syngenta Group announced they have signed a memorandum of understanding (MoU) to collaborate in scaling research and commercialization of low carbon oilseeds to help meet rising demand for biofuels and other sustainably sourced products. Tecnicas Reunidas, Allied Green Ammonia to build green hydrogen and green ammonia plant in Australia By Sylvia Traganida 22-Sep-23 LONDON (ICIS)–Tecnicas Reunidas and Allied Green Ammonia have signed an agreement to start the first phases of green hydrogen and green ammonia production facilities in the Northern Territory, Australia. Australian fertilizer producer Orica accelerates climate change targets By Sylvia Traganida 19-Sep-23 LONDON (ICIS)–Australian fertilizers and explosive manufacturer Orica has stepped up its climate change targets amid a strong business performance. Nestle, Cargill and CCm Technologies launch joint UK trial on sustainable fertilizer By Chris Vlachopoulos 12-Sep-23 LONDON (ICIS)–Nestle and Cargill have launched a UK, two-year trial to assess whether cocoa shells from a local confectionery could be used to create low-carbon fertilizer. The volumes of cocoa shells are provided by Cargill, as well as CCm Technologies. EnBW acquires stake in planned Norwegian ammonia plant  By Amun Lie 29-Aug-23 LONDON (ICIS)–German utility EnBW announced on 29 August it has acquired a 10% equity stake and offtake right for a renewable ammonia production plant developed by Norwegian company Skipavika Green Ammonia (SkiGA). The production facility is set to completed in 2026, to be powered by renewable electricity and with a planned production capacity of 100,000 tonnes/year. Yara Germany signs agreement for decarbonisation of cereal cultivation using green fertilizers By Sylvia Traganida 10-Aug-23 LONDON (ICIS)–Yara Germany has signed a co-operation agreement with the Bindewald & Gutting Milling Group and Harry-Brot for the decarbonisation of cereal cultivation in Germany through the use of green fertilizers. Hyphen, ITOCHU ink MoU to explore potential Namibia hydrogen collaboration By Gary Hornby 09-Aug-23 LONDON (ICIS)–Hyphen Hydrogen Energy and the ITOCHU Corporation announced 8 August that the two companies have signed a memorandum of understanding (MoU) surrounding hydrogen in Namibia. INSIGHT: BASF grapples with demand trough, slow road back By Tom Brown 02-Aug-23 14:12 LONDON (ICIS)–BASF and the wider chemicals sector is dealing with an environment more singular even than the conditions seen in the pandemic and 2008 financial crash according to BASF chief Martin Brudermuller, with little sign of a V-shaped recovery from the current demand trough. EU CARBON BORDER ADJUSTMENT MECHANISM (CBAM) EXPLAINED What is it? The risk of carbon leakage frustrates the EU’s efforts to meet climate objectives. It occurs when companies transfer production to countries that are less strict on emissions, or when EU products are replaced by more carbon-intensive imports. This new mechanism would counteract this risk by putting a carbon price on imports of certain goods from outside of the EU. How will it work? EU importers will buy carbon certificates corresponding to the carbon price that would have been paid, had the goods been produced under the EU’s carbon pricing rules. Conversely, once a non-EU producer can show that they have already paid a price for the carbon used in the production of the imported goods, the corresponding cost can be fully deducted for the EU importer. This will help reduce the risk of carbon leakage by encouraging producers in non-EU countries to make their production processes greener. A reporting system will apply from 2023 with the objective of facilitating a smooth roll out and to facilitate dialogue with non-EU countries. Importers will start paying a financial adjustment in 2026. How is the fertilizer industry affected? The fertilizer industry is one of the sectors to fall under the CBAM. The more energy-intensive nitrogen fertilizers will be affected most in the sector by the mechanism. DEFRA CONSULTATIONS EXPLAINED The UK’s Department for Environment, Food & Rural Affairs (DEFRA) launched a consultation at the beginning of November 2020 on reducing ammonia emissions from urea fertilizers. The consultation ran until 26 January 2021. It set out three options for tackling ammonia emissions: A total ban on solid urea fertilizers A requirement to stabilise solid urea fertilizers with the addition of a urease inhibitor. A requirement to restrict the spreading of solid urea fertilizers to between 15 January and 31 March of a given year. Liquid urea is excluded from any new rules or restrictions. DEFRA is currently analysing the feedback received. In March 2022, DEFRA announced that it had delayed introducing restrictions on the use of urea by at least a year to support farmers with fertilizer availability and keep their costs down Should DEFRA decide to restrict the use of urea in the future, growers would be left with just ammonium nitrate-based fertilizers. PREVIOUS  NEWS HEADLINES SABIC AN ships low-carbon urea to New Zealand US Cargill and John Deere collaborate to enable revenue for farmers adopting sustainability Canada’s Lucent Bio announces approval of biodegradable nutrient delivery patent Aker, Statkraft’s 10-year PPA to spur European renewable ammonia push further BASF, Yara Clean Ammonia to evaluate low-carbon blue ammonia production facility in US Gulf Coast Yara Clean Ammonia, Cepsa to launch clean hydrogen maritime corridor EU details CBAM reporting obligations Saudi Arabia’s Ma’aden exports its first low-carbon blue ammonia shipments to China US Bunge and Nutrien Ag announce alliance to support sustainable farming practices Maire subsidiary Stamicarbon wins US green ammonia engineering contract India’s IFFCO launches liquid nano-DAP fertilizer EU Parliament backs CBAM, emissions trading measures OCP granted €100m green loan to build solar plants at Morocco facilities EU unveils plans to tackle greenwashing India’s IFFCO and CIL to manufacture nano DAP for three years USDA awards Ostara funds to boost sustainable phosphate fertilizer output Canadian prime minister confirms fertilizer emission goal is voluntary US fertilizers industry increases carbon capture in 2021 – TFI Indian president calls for reduction in chemical fertilizer use IFFCO plans to export nano urea to 25 countries Amman selects Elessent Clean Technologies for Indonesia sulphuric acid plant Lotte Chemical forms clean ammonia consultative body with RWE and Mitsubishi Corporation Global 2020-2021 specialty fertilizer demand growth led by north America, Asia BASF and Cargill extend enzymes business and distribution to US Saudi Aramco awards sulphur facilities overhaul contract to Technip India sets green hydrogen targets for shipping, oil & gas, fertilizer sectors Germany misses climate target despite lower energy consumption TFI reacts to US Congress passing the Water Resources Development ActHelm becomes a shareholder in UK bio-fertilizer company Unium Bioscience Yara inks deal to deliver fossil-free green fertilizers to Argentina Canadian firms plan fuel cell generator pilot using green ammonia Deepak Fertilizers awards contract to reduce emissions, increase productivity Saudi Aramco launches $1.5bn sustainability fund to support net zero ambition CF Industries and ExxonMobil plan CCS project in Louisiana Canada’s plan to cut fertilizer emissions is voluntary – minister Canada’s fertilizer emission goal raises food production concerns Uniper, Vesta to cooperate on renewable ammonia site in the Netherlands German Uniper to work with Japan’s JERA on US clean ammonia projects ADNOC ships first cargo of low-carbon ammonia to Germany US Mosaic and BioConsortia expand collaboration to microbial biostimulant IMO deems Mediterranean Sea area for sulphur oxides emissions control Canada’s Soilgenic launches new enhanced efficiency fertilizers technology for retail Austria’s Borealis aims to produce 1.8m tonnes/year of circular products by 2030 European Parliament rejects proposed carbon market reform IFA ’22: southern Africa looks to bio-fertilizer as cheaper, sustainable option IFA ’22: Indian farmers will struggle to embrace specialty fertilizers – producer Canadian Nutrien plans to build world’s largest clean ammonia facility in Louisiana Japan’s JGC Holdings awards green ammonia plant contract to KBR Bayer to partner with Ginkgo to produce sustainable fertilizers Australia Orica and H2U Group partner on Gladstone green ammonia project Canada sets tax credit of up to 60% for carbon capture projects UK delays urea restrictions to support farmers as fertilizer costs at record high EU states agree to back carbon border tax Yara to develop novel green fertilizer from recycled nutrients USDA announces plans for $250m grant programme to support American-made fertilizer Canada seeks guidance to achieve fertilizer emissions target Fertilizer titan Pupuk Indonesia develops hydrogen/blue ammonia business India launches green hydrogen/ammonia policy, targets exports Canada AmmPower to develop green hydrogen and ammonia facility in Louisiana US DOE awards grant to project to recover rare earth elements from phosphate production Fertiglobe, Masdar, Engie to develop green hydrogen for ammonia production Czech Republic’s Spolana enhances granular AS production India’s Reliance to invest $80bn in green energy projects Yara, Sweden’s Lantmannen aim to commercialise green ammonia by 2023 Novatek and Uniper target Russia to Germany blue-ammonia supply chain Fertz giant Yara goes green with electrification of Norwegian factoryCanada Arianne Phosphate exploring use of phosphate for hydrogen technology FAO and IFA renew MoU to promote sustainable fertilizer use Sumitomo Chemical, Yara to explore clean ammonia collaboration Sri Lanka revokes ban on imports Tokyo scientists convert bioplastic into nitrogen fertilizer Aramco plans Saudi green hydrogen, ammonia project China announces action plan for carbon peaking & neutrality Saudi Aramco targets net zero emissions from operations by 2050 Fertiglobe goes green with Red Sea zero-carbon ammonia pro Australian fertilizer major Incitec Pivot teams up for green ammonia study INTERVIEW: BASF to scale up new decarbonisation tech in second half of decade – CEO India asks fertilizer companies to speed up production of nano DAP Japan’s Itochu set to receive first cargo of blue ammonia for fertilizer use Norway’s Yara acquires recycled fertilizers maker Ecolan Bayer Funds US start-up aims to cut nitrogen fertilizer use by 30% BP: Green ammonia production in Australia feasible, but needs huge investment Origin and MOL explore shipping green ammonia from Australia India’s IFFCO seeks to export nano urea fertilizer Sri Lanka reinstates ban on import of chemical fertilizers Nutrien to cut greenhouse gas emissions 30% by 2030 RESOURCES IFA – Fertilizers and climate change  TFI – Sustainability report 

SINGAPORE (ICIS)–China’s manufacturing sector returned to expansion mode in September, based on official data, pointing to signs of stabilization in the world’s second-biggest economy following a raft of stimulus measures introduced in recent months. Official Sept PMI above 50 for first time in five months Strong oil prices push up production cost Property slump to continue Its official manufacturing purchasing managers’ index (PMI) in September rose to 50.2 from 49.7 in August, according to the National Bureau of Statistics (NBS). A PMI reading above 50 indicates expansion while a lower number denotes contraction. “The latest PMI reports and data releases earlier suggest that China’s economy continued to stabilise with stronger monetary and fiscal policy support measures,” Singapore-based UOB Global Economics & Markets Research said in a note on Monday. “However, the recovery outlook remains challenging with private sector and smaller firms staying under pressure,” it said. The official PMI’s production sub-index rose to 52.7 in September from 51.9 in August, while the new orders sub-index ticked up to 50.5 in September from 50.2. The new export orders sub-index last month improved to 47.8 from 46.7 in August but remained in contractionary territory, indicating continued weakness in external demand. CAIXIN CHINA SEPT PMI EASES BUT REMAINS ABOVE 50A joint private-sector survey conducted by Chinese media group Caixin and S&P Global of Chinese manufacturers also posted an expansionary reading of 50.6 in September, but the number slipped from August’s 51.0. “Output and total new orders both expanded for the second straight month [in September]. But overseas demand remained weak, with the gauge for new export orders remaining below 50,” Caixin Insight Group senior economist Wang Zhe said. The Caixin PMI surveys small and medium-sized enterprises (SMEs) and export-oriented enterprises located in eastern coastal regions, while the official PMI covers larger state-owned enterprises. Rising prices of chemicals, crude oil, industrial metals and other raw materials last month pushed up input costs to the highest since January, Wang noted. Oil prices have risen about 30% in the third quarter, driven up by production cuts by OPEC and its allies. At 05:05 GMT, Brent crude was trading higher by 13 cents at $92.33/bbl. “We expect the manufacturing PMI [of China] to stabilize at near 50.0 for a couple of months, due partially to restocking demand for raw materials amid rising energy and commodity prices,” Japan’s Nomura Global Markets Research said in a note. “However, rising prices in upstream sectors may exert some pressure on downstream sectors amid still-sluggish final demand,” it said. Meanwhile, China’s official services PMI rose to 50.9 in September from 50.5 in August, led by industries such as telecommunications, IT (information technology) and financial services. However, the transportation, accommodation and catering sectors, which led the service sector recovery earlier this year, all fell into the contractionary territory, pointing to fading pent-up travel demand after the summer. PROPERTY SLUMP CONTINUES Construction expanded at a faster rate with an official September PMI reading of 56.2, up from 53.8 in August, as China pushes for completion of pre-sold homes as it seeks to defuse the risks associated with the hidden debts of local governments. China has been introducing measures to rev up its flagging economy amid a severe property sector downturn and weak household consumption. On 1 September, the People’s Bank of China (PBoC) announced for the first time this year a reduction of the amount of foreign currency deposits banks are required to hold as reserves, freeing up yuan (CNY) 500bn, in its bid to boost consumption. In late August, the government introduced support measures for the property sector and expanded tax breaks for child and parental care and education for this year. The fresh policy measures may be beginning to bear fruit, with China’s new home prices in September rising inching up by an average of 0.05% from August, reversing a four-month decline, according to a survey by Chinese research firm China Index Academy. New home sales among China’s 100 biggest real estate companies continued to contract, but the pace of year-on-year decline eased in September to 29.2% compared with August’s 33.9%, based on preliminary data from the China Real Estate Information Corp (CRIC) on 30 September. Their contract sales volumes in September declined by 34.1%, narrower than the 42.4% fall in August, the data showed. “The sequential improvement was led by top-tier cities, especially in Beijing and Shanghai, which could further squeeze low-tier cities, where many private developers have been trapped,” Nomura noted. “While the recent property stimulus regarding mortgage rates, down payment ratios and purchase restrictions could boost demand in top-tier cities on the margin, the positive impact could be offset by the negative spillover effects in lower-tier cities,” it added. Focus article by Nurluqman Suratman Thumbnail image: A general view of residential buildings in Beijing, China, 11 September 2023. (By WU HAO/EPA-EFE/Shutterstock)

SINGAPORE (ICIS)–South Korea’s chemical exports in September fell by 6.1% year on year to $3.82bn, weighing on overall shipments abroad which fell for the 12th straight month, official data showed. The country’s overall exports for the month fell by 4.4% year on year to $54.8bn, compared with a steeper contraction of 8.3% in August, the Ministry of Trade, Industry and Energy (MOTIE) said on 1 October. By sector, semiconductor exports fell by 13.6% year on year to $9.94bn, while shipments of petroleum products were 6.8% lower at $4.9bn. September car exports rose by 9.5% year on year to $5.23bn, while global shipments of machinery were up by 9.8% at $4.39bn. South Korea’s overall imports fell 16.5% year on year to $51bn in September, resulting in a trade surplus of $3.7bn.