Petroleum products are selling well to foreign countries to become the nation’s top export item for two years in a row.
According to Korea Petroleum Association (KPA) on February 11, exports of petroleum products rose 11.7% year-on-year to US$4.93 billion last month, the largest among the nation’s all export items.
Petroleum products are followed by automobiles (US$4.26 billion), petrochemicals (U$4.2 billion), and semiconductors (US$4.0 billion).
Petroleum products accounted for 10.7% of the nation’s total monthly exports (US$ 46.08 billion), surpassing their record high (10.3%) for the year of 2012.
The January exports of petroleum products were the typical “high volume, low margin” sales. Due to the downward trend in international crude oil prices, the export price dropped to US$121 per barrel last month from US$123 per barrel a year ago. However, thanks to the expanded demand for heating oil, the export volume swelled to 40.52 barrels from 35.5 barrels, up 14.1% year-on-year.
Petroleum products emerged as the nation’s top export item in 2012 with the record-breaking export amounting to US$ 56.2 billion.
KPA predicts that exports of petroleum products will rise 5.6% to about US$ 58 billion this year, making up the largest part of the nation’s exports once again.