Due to Rising International Oil Prices... Last Month's Crude Oil Import Value Soared by 83%

Total Import Value Increased by 37%
Trade Surplus Maintained for 18 Consecutive Months Due to High Exports

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Due to the sharp rise in international oil prices, crude oil import value nearly doubled, increasing by 83% compared to the same period last year. Accordingly, South Korea's import value in October rose by more than 37% compared to the same period last year. However, exports were the second highest ever, resulting in a trade surplus for the 18th consecutive month.

According to the Ministry of Trade, Industry and Energy on the 1st, crude oil import value in October was $6.486 billion, an increase of $2.94 billion (82.9%) from $3.546 billion in the same period last year.

The increase in import value is primarily due to the rise in international oil prices. Import volume increased only slightly by 1.5%, from 82.1 million barrels in October last year to 83.4 million barrels this October. However, the import price per barrel surged by 80.2%, from $43.2 to $77.8 during the same period. This was because Dubai crude oil prices jumped from $40.7 to $81.6 per barrel.

An official from the Ministry of Trade, Industry and Energy explained, "The increase in crude oil import value is due to higher import prices caused by rising international oil prices. However, when crude oil prices rise, the prices of petroleum products and petrochemicals that we process and sell also increase, so the situation remains positive for our exports."

Last month, South Korea's petrochemical export value reached a record high of $4.99 billion. This was due to a surge in demand from upstream industries following the economic recovery of major countries and continued favorable conditions from rising international oil prices. Export prices rose 42.3%, from $1,035 per ton in October last year to $1,472 this October. This was influenced by the export price of petroleum products increasing 98.9%, from $45.5 per barrel in October last year to $90.5 this October.

This content was produced with the assistance of AI translation services.