According to government data, South Korea’s base oil exports to Nigeria reached a new record high in March, surpassing the previous month’s record-breaking shipments. The amount exported totaled 12,510 tonnes, a significant increase from the 4,000 tonnes shipped in February.
This surge in exports to Nigeria is particularly noteworthy as there had been no cargo shipments to the country before February. It suggests a growing demand for South Korea’s base oils in Nigeria, which had traditionally relied on Europe, Russia, and the US for their supplies.
The surge in South Korea’s base oil exports to Nigeria provides the country with an additional source of supply and increases competition for its regular suppliers. This could lead to more favorable pricing and supply terms for Nigerian buyers.
The record-high exports also highlight the significance of the South Korean base oil industry and its competitiveness in the global market. As demand for high-quality base oils continues to grow, South Korea’s industry is well-positioned to meet this demand and expand its exports to other markets.