S Korea September exports of most petrochemicals slump year on year

SINGAPORE (ICIS)–South Korea’s export volumes of most petrochemicals in September posted double-digit declines, industry data showed.

Busan container terminal in South Korea (Photo by Jeon Heon-Kyun/EPA-EFE/REX/Shutterstock)

Its exports of ethylene fell by 27.8% year on year to 70,299 tonnes, while those of propylene declined by 27.0% year on year to 128,298 tonnes, according to data from the Korea International Trade Association (KITA).

September shipments of paraxylene (PX) fell by 27% year on year to 577,543 tonnes, while those of purified terephthalate acid (PTA) were down by 24.8% at 144,116 tonnes.

Benzene exports fell by 15.1% year on year to 202,252 tonnes in September, while toluene shipments were 33.2% lower at 27,697 tonnes.

South Korea’s Ministry of Trade, Industry and Energy (MOTIE) earlier this month reported that petrochemical exports in value terms fell year on year in September because of fewer working days compared to last 2017.

Outbound shipments of petroleum products, however, rose by 13.5% year on year on higher crude and product prices, MOTIE said.

The country’s overall exports in September fell by 8.2% year on year to $50.6bn, while imports slipped by 2.1% to $40.8bn.

Exports to China increased 7.8% year on year to $14.6bn on the back of increased sales of general machinery, petrochemicals, petroleum products, and steel, according to MOTIE.

China, which is a major export market for South Korea, is in the midst of an escalating trade war with the US.

Interactive by Nurluqman Suratman

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