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In South Korea petrochemical exports in September grew 30.9% year on year

October 25/2011

(ICIS) -- South Koreas petrochemical exports in September grew 30.9% year on year to $3.8bn (?2.7bn), thanks to a weak won and crude-led spikes in product prices, analysts said on Tuesday. Strong crude futures boosted the prices of the countrys chemical and refined products, according to Hong Chanyang, a petrochemicals industry analyst at Seoul-based Shinhan Investment Corp.

Exporters also benefited from the depreciation of the won, as the South Korean currency tumbled by more than 9 % against the US dollar in September, Hong said. A weaker currency helps a country better compete in the exports market.

South Koreas shipments of most petrochemical products last month increased on a year-on-year basis, data from Korea International Trade Association (KITA) showed.

Exports of ethylene surged by 39% year on year to 67,067 tonnes in September, while overseas shipments of propylene jumped 91% to 93,016 tonnes, according to KITA. For aromatics, exports of benzene rose 29% year on year to 125,461 tonnes, while shipments of toluene increased 13% to 63,296 tonnes, the data showed. Paraxylene (PX) exports, meanwhile, inched up 18% to 154,657 tonnes.

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