SINGAPORE (ICIS)--South Korea’s exports of most petrochemicals in February rose year on year, with shipments of paraxylene (PX) up by 4.7% to 558,958 tonnes, industry data showed on Tuesday.
Of the 30 chemicals whose shipments were tracked by ICIS on the Korea International Trade Association (KITA) website, 20 registered higher volumes while 9 posted declines. (please see table below)
In value terms, the country’s total exports rose by 20.2% year on year to $43.2bn in February, while imports grew by 23.3% to $36bn, according to earlier data from the Ministry of Trade, Industry and Energy (MOTIE).
The amount of exports in February was the highest since February 2012, the ministry said.
South Korea’s trade surplus amounted to $7.2bn in February, representing a 61-month streak of surplus, MOTIE said.
The country’ petrochemicals exports surged 42.6% to $3.8bn in February, the largest amount since October 2014 on the back of higher product prices, while shipments of petroleum products leaped by 72.3% to $2.9bn for the same reason, it said.
Shipments to China, Korea’s largest trading partner, rose by 28.7% to $11.1bn, marking the highest growth since November 2010 as well as the fourth consecutive month of expansion, according to MOTIE.
“The Ministry forecasts exports would continue to recover in March,” it said.
“The upward trend has been firmly established with the visible outcomes of trade policy changes to boost exports, such as the diversification of export goods and target markets,” MOTIE added.
|Product||Feb 2017 (in tonnes)||Feb 2016 (in tonnes)||YoY Difference (in tonnes)||% Change YoY|
|Butyl glycol ether||5,854||4,823||1,031||21.4|
|Buta-1,3-diene and isoprene||19,341||9,510||9,831||103.4|
|Mixed Xylene Isomers||1,313||1,289||24||1.9|
|Vinyl Acetate Monomer||0||15||-15||-100.0|
|Ethyl alcohol & other spirits||133||13||120||923.1|
|Paraffin Wax (slack wax and scale wax)||1,060||443||617||139.3|
|P-wax with less than 0.75%||42||215||-173||-80.5|
|Linear Alkyl Benzene (LAB)||12,664||9,956||2,708||27.2|
|Linear Alkylbenzene Sulphonate (LAS) and Sodium Lauryl Ether Sulphate (SLES)||16,256||13,551||2,705||20.0|
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