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 24 March.
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 down by 21.8%, according to the Korea International Trade Association (KITA) (see table).
South Korea’s exports of linear low density PE slipped by 0.9% and polypropylene shipments fell by 11.7%. Exports of low density PE posted a 15.2% increase, according to official data.