Marginal fall in South Korea's 2014 petrochemical exports amid falling demand from China

26-Feb-15

South Korea's petrochemicals exports fell slightly in 2014, marking the first fall in five years since 2009, mainly due to a drop in demand in their biggest export destination, China, as per Yonhap News Agency. Exports of petrochemicals produced by South Korean firms declined 0.3% to US$48.2 bln in 2014, with outbound shipment of petrochemicals to China dropping 6.2% to US$22 bln, according to data by the Korea Petrochemical Industry Association (KPIA). The proportion of South Korea's petrochemicals exports to China to the total fell 45.7% from 48.6%, the data showed. The KPIA blamed the fall in the country's petrochemicals exports on a decreased demand for South Korea's petrochemical products in China stemming from a slowdown in the Chinese economy and the country's increased self-supply of petrochemicals.