South Korea’s trade surplus widens 42.7% in Feb
Exports of mobile communication devices climbed 9.9% on the year while exports of semiconductors and ships declined 12.6% and 46.1%, respectively. Exports of automobiles, auto parts and petroleum products also slipped in February. South Korea’s exports to China and Japan were down 12.9% and 15%, respectively, to $8.9 billion and $1.7 billion in February while shipments to European Union countries rose 5% to $3.08 billion.
The decrease in imports was partly attributed to low oil prices. The country’s crude oil imports fell 30.6% on the year to $2.8 billion in February. However, South Korea’s imports of Iranian crude oil surged 91% to 269,020 barrels per day (bpd) in February compared with the same month of 2015.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PET bottle fails to salve pandemic wounds; challenges mount as autumn begins
- Can LDPE uptrend hold in Asia?
- Europe PVC prices lag behind global markets, upward pressure mounts
- PS, ABS markets take respite from rising streak in China, SEA
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness