Metallurgy / Chemicals / Rubber & Plastics

According to customs data, South Korea's petrochemical export revenue in January fell by 25% to 3.8 billion US dollars year-on-year. Due to the high base effect and weak global demand, South Korea's overall export revenue also declined in January.

According to customs data, the export revenue of South Korea's petrochemical products increased by 2.1% year on year to US $51.3 billion in the whole year of 2022, with a significant slowdown in the last quarter of last year.

The weak demand in its main export markets and the logistics disruption caused by the second national truck driver strike last year (November 24 to December 9) dragged down the overall trade.

Customs data showed that in January 2023, the country's trade deficit surged to a record $12.7 billion. Customs data showed that exports fell 16.6% year-on-year to $46.3 billion, while imports fell 2.6% year-on-year to $59 billion.

According to customs data, in January this year, South Korea's export revenue to its largest trading partner fell 31.4% year-on-year, while its export revenue to the United States fell 6.1% year-on-year.

MOTIE said: "The reasons for the decline in exports are high inflation, high interest rates and other negative factors currently affecting the global economy, as well as the record-high base effect of exports in January last year."