SEOUL, KOREA - Petrochemical products such as gasoline and diesel oil are Korea's leading export items. They account for about 10 percent in Korea's total exports.
According to the Ministry of Trade, Industry & Energy and the Korea Petroleum Association, the nation's four major oil refiners, namely SK Energy, GS Caltex, S-Oil, and Hyundai Oil Bank, saw their combined exports reach $14.4 billion in the first quarter of this year, higher than the nation's semiconductor exports that are estimated at $12.5 billion.
Petrochemical products, accordingly, remained as the nation's largest export item for six straight quarters. Petrochemical products accounted for 10.6 percent of Korea's total exports of $135.5 billion in the first quarter of this year.
Korea's oil refiners export about a half of their output. GS Caltex, for example, exported 43.5 percent of its output in the first quarter. S-Oil exported 60.9 percent of its diesel output and 43 percent of its gasoline output during the period.
Korea's oil refiners exported $56.7 billion worth of petrochemical products last year, higher than semiconductors ($50.9 billion) and automobiles ($42.3 billion).
