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South Korea faces slower export growth on market uncertainty

December 22/2011

(ICIS) -- South Koreas export growth is expected to slow down in 2011 and 2012 because of uncertainty in the key China market, the eurozone debt crisis and the bearish economic outlook in the US, an analyst said on Thursday. South Koreas petrochemical exports for November grew by 10.9% year on year to USD3.5bn (EUR2.7bn) on higher prices, said Eungju Lee, a petrochemical industry analyst at Seoul-based Shinhan Investment Corp.


The countrys volume of overseas shipments of most petrochemical products in November increased on a year-on-year basis, data from Korea International Trade Association (KITA) showed.
The major factor for the trade value increase is because of an increase in overall prices and higher oil prices, Lee said. For aromatics, the exports of benzene rose by 1%, while toluene shipments more than doubled to 78,829 tonnes.


South Koreas outbound shipments of propylene surged by 74.4%, while its exports of ethylene increased by 17.47%, the data showed.


Paraxylene (PX) exports firmed by 68.2% to 182,371 tonnes, but the countrys exports of naphtha fell by 11.67%.


South Koreas total exports remained resilient amid a worsening global financial crisis, recording a 13.8% year-on-year increase to USD47bn because of strong growth for major export items, according to data released from the Ministry of Knowledge Economy. 


mrcplast.com

Author:Marina Ivanova
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Category:General News
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