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South Koreas petrochemical exports in August to increase 36.5%

September 26/2011

(ICIS) -- Higher prices allowed South Koreas petrochemical exports in August to increase 36.5% year on year to USD 5.32bn (EUR 3.94bn), bolstering hopes that the value of monthly shipments will remain strong through end-2011 despite a weakening of global demand, analysts said on Monday.
The US, the worlds biggest economy, is in a fragile state, while the eurozone is deeply embroiled in its debt troubles. Meanwhile, China South Koreas main export market for petrochemicals is beset with its own problems of reining in inflation, creating a credit crunch within the country.
Against the gloomy global economic backdrop, demand prospects for South Koreas exports do no look very promising.

South Koreas overall exports to the US in August fell by 5.9% in the first 20 days in August while total shipments to China rose by 16.5%, according to the Ministry of Knowledge Economy (MKE).

Total exports to the 27 countries of the EU rose 7% year on year in August, the MKE said.

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