South Korea’s September petrochem exports grew by 7.42% yoy, rise to continue in October

28-Oct-10

South Korea’s petrochemical exports in September grew by 7.42% year on year to US$2.75 bln, with a further rise expected in October as a result of higher product prices and low base-year figures as per ICIS. Higher prices of crude oil and the feedstock naphtha boosted prices of most petrochemicals in September- export price of naphtha rose 6% pa on year to US$674/ton, while the propylene export price grew by 13% to US$1,150/ton. The low-base effect seen in September will again boost exports in October, and product prices are expected to also be higher than the previous year. Exports in October could also be boosted by a higher number of working days, as compared with the same month last year, as the three-day-long Chuseok public holiday was this year celebrated in September. Exports of naphtha in September rose 16% year on year to 349,301 tons, while exports of benzene fell 13% to 97,243 tons, according to data from the Korea International Trade Association (KITA). Shipments of low density polyethylene (LDPE) in September surged 35% yoy to 22,485 tons, while exports of high density polyethylene (HDPE) fell 8% to 92,009 tons.