S Korea Feb petrochem exports fall 6.8%, polymer shipments slump
Nurluqman Suratman
24-Mar-2014
By Nurluqman Suratman
SINGAPORE (ICIS)–South Korea’s petrochemical exports in February fell by 6.8% year on year, weighed by double-digit declines in shipments of key polymer products, industry data showed on Monday.
Overseas shipments of petroleum products, meanwhile, dipped by 15.4%, the country’s Ministry of Trade, Industry and Energy (MOTIE) said in its monthly report, without disclosing further details.
South Korea’s overall exports rose by 1.6% year on year to $43bn in February, while imports grew at a faster pace of 4%, according to the ministry.
The country’s trade surplus last month declined 50.6% year on year to $926m, it said.
Export volumes of most petrochemical products fell in February compared with the same period last year, with shipments of ethylene falling by 26.7% and polyethylene (PE) down by 21.8%, according to the Korea International Trade Association (KITA). (Please see table below)
South Korea’s exports of linear low density PE (LLDPE) slipped by 0.9% and polypropylene (PP) shipments fell by 11.7%.
Exports of low density PE (LDPE), on the other hand, bucked the trend to post a 15.2% increase, according to official data.
“The growth of Korea’s exports was slower than we had anticipated due to the slow economic recovery of advanced nations and the emerging market crisis,” MOTIE said in a statement.
“In particular, ship orders have been repeatedly delayed upon request, stalling economic recovery,” the ministry said.
“Industry insiders predict that exports will pick up from the second quarter of this year,” it added.
EXPORTS (in metric tonnes) | ||||
PRODUCT | Mar-14 | Mar-13 | YoY Difference | % Change YoY |
Ethylene |
59,451 |
81,084 |
21,633.00 |
26.68 |
Benzene |
133,516 |
124,300 |
9,216.00 |
7.41 |
Polypropylene |
87,706 |
99,323 |
11,617.00 |
11.7 |
Polyethylene |
88,222 |
112,822 |
24,600.00 |
21.8 |
LLDPE |
39,613 |
39,967 |
354 |
0.89 |
LDPE |
29,083 |
25,241 |
3,842.00 |
15.22 |
Toluene |
110,505 |
105,492 |
5,013.00 |
4.75 |
Propylene |
104,625 |
79,468 |
25,157.00 |
31.66 |
Butadiene Rubber |
29,476 |
31,816 |
2,340.00 |
7.35 |
Buta-1,3-diene and isoprene |
23,524 |
22,068 |
1,456.00 |
6.6 |
Styrene |
96,274 |
99,795 |
3,521.00 |
3.53 |
Paraxylene |
196,005 |
282,851 |
86,846.00 |
30.7 |
PET |
66,308 |
53,599 |
12,709.00 |
23.71 |
Mixed Xylene Isomers |
22,224 |
41,144 |
18,920.00 |
45.98 |
PTA |
229,175 |
229,690 |
515 |
0.22 |
MMA |
8,996 |
1,841 |
7,155.00 |
388.65 |
PMMA |
10,080 |
10,271 |
191 |
1.86 |
Orthoxylene |
4,849 |
5,821 |
972 |
16.7 |
Expansible polystyrene |
11,481 |
12,835 |
1,354.00 |
10.55 |
Acrylonitrile |
26,854 |
14,337 |
12,517.00 |
87.31 |
Polycarbonate |
40,678 |
36,293 |
4,385.00 |
12.08 |
Ethyl Acetate |
36 |
46 |
10 |
21.74 |
Vinyl Acetate Monomer |
1,922 |
2,461 |
539 |
21.9 |
Paraffin Wax (slack wax and scale wax) |
359 |
857 |
498 |
58.11 |
P-wax with less than 0.75% |
33 |
33 |
0 |
0 |
PVC (not mixed with other substances) |
48,560 |
59,445 |
10,885.00 |
18.31 |
PVC (non-plasticised) |
18 |
22 |
4 |
18.18 |
PVC (plasticised) |
2,166 |
1,870 |
296 |
15.83 |
PVC (In aqueous dispersion) |
47 |
33 |
14 |
42.42 |
*red indicates a negative number
Source: KITA
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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?