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S Korea October petchem exports up 22% on higher prices

November 23/2010

(ICIS) -- South Koreas petrochemicals exports surged 22% year on year to $29.9bn (?21.8bn) in October on the back of higher product prices, with the double-digit growth trend likely to continue in November, analysts said on Tuesday.


Meanwhile, exports of petroleum products grew 32.2% year on year to $3.04bn in October, also due to the surge in crude prices, he said, adding that the growth was partially led by shipments of diesel.


Export volumes of key petrochemical feedstocks ethylene and propylene fell 24.5% and 28% year on year, respectively, in October, while exports of naphtha rose 22.2%, according to statistics from the Korea International Trade Association (KITA).


Petrochemical exports were expected to show double-digit growth in November due to buoyant energy values and low base figures in the same period last year, analysts said


The countrys overall exports rose 29.9% year on year in October to a record $44.1bn, due to key export industries such as semiconductors and automobiles.


Meanwhile, imports into South Korea climbed 22.4% year on year to $37.2bn, the highest level since the worldwide economic crisis began in September 2008, buoyed by higher inbound shipments of raw materials.


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