S Korea Oct petrochemical exports rise 10.2%; overall shipments up 4.6%

SINGAPORE (ICIS)–South Korea’s petrochemicals exports in October rose by 10.2% year on year to $4.0 billion, reversing a two-month decline, official data showed on Friday.

The country’s overall exports for the month rose by 4.6% year on year to $57.5 billion, growing for the 13th month in a row, while imports were up by 1.7% at $54.4 billion, the Ministry of Trade, Industry and Energy (MOTIE) said in a statement.

The trade balance stood at a surplus of $3.17 billion.

South Korea’s energy imports decreased 6.7% year on year due to lower international crude prices.

Ten out of 15 major export items posted growth in October.

Semiconductor exports surged 40.3% year on year to a record high of $12.5 billion last month, while exports of petroleum products decreased 34.9% year on year to $3.4 billion on a decrease in unit price brought about by cooled oil prices.

Meanwhile, automobile exports grew 5.5% year on year to $6.2 billion.

By region, Korea’s exports to five of its nine major destinations increased in October.

Exports to China grew 10.9% year on year to $12.2 billion, the highest in 25 months since September 2022, as demand for semiconductors and petrochemicals surged.

US-bound exports hit $10.4 billion, up by 3.4% year on year, while exports to the EU rose by 5.7% to $5.3 billion.