According to the latest report from the Korea Customs Agency, South Korea witnessed robust growth in base oil exports during April, with a notable 13% increase in volume and a 10% rise in declared value compared to the same period last year. The country shipped out a total of 391,058 metric tons of base oil, marking the second-highest export volume since September. Only February recorded higher numbers with 445,926 tons.
Looking at the year-to-date figures through April, South Korea’s base oil export volume showed a healthy upward trend, climbing by 10% to reach 1.6 million tons. Additionally, the declared value of base oil exports in April saw a substantial surge, reaching $447.3 million compared to the previous year’s $385,279.
Similar to the volume, this value represented the second-highest export figure since September, trailing behind the peak of $475.4 million achieved in February. In total, the declared base oil export value for the first four months of this year surged by an impressive 13% to reach $1.7 billion.
Conversely, South Korea experienced a significant decline in base oil imports during April, with a staggering 60% drop in volume to 18,697 tons. This downward trend persisted throughout the January-April period, where base oil imports decreased by 44% to 79,391 tons.
Accompanying the decline in volume, the declared value of base oil imports also witnessed a notable downturn, falling by 62% to $21.8 million in April. The year-to-date analysis revealed a similar pattern, with the value of base oil imports dropping by 40% to $92.4 million for the January-April period.
These trends in South Korea’s base oil trade indicate a strong export performance bolstered by increased volume and value, while imports experienced a significant decline in both volume and declared value.