ID :
198841
Wed, 08/03/2011 - 05:46
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https://oananews.org//node/198841
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S. Korea's exports of petroleum products jump in H1
SEOUL (Yonhap) - South Korea's exports of petroleum products, such as gasoline and diesel, soared over 71 percent in the first half of the year from a year earlier as disruptions at refinery facilities in Japan helped boost local refiners' overseas sales, the government said Wednesday.
The country shipped over US$25.8 billion worth of petroleum products in the first six months of the year, up 71.8 percent from the same period last year, according to the Ministry of Knowledge Economy.
"The increase in exports of petroleum products in the first half of 2011 appears to have been prompted by an increase in shipments to Japan and other countries in Asia due to dwindling shipments from Japan," the ministry said.
South Korea's exports of petroleum products have been rising significantly since the powerful earthquake and tsunami hit Japan on March 11, nearly wiping out the country's oil refineries.
With the large increase of shipments in the first half, petroleum products have now become the country's third-largest export item, following ships and semiconductors, according to the ministry.
The first-half export figure accounts for more than half of the money the country spent to import oil, which also jumped 46.4 percent on-year to $48.6 billion, the ministry said.
Over 86 percent of all oil imports came from Middle East countries with Saudi Arabia supplying over 31 percent of the total. Imports from Africa, on the other hand, dropped over 93 percent to a little over 280,000 barrels, accounting for 0.1 percent of South Korea's total imports, it said.
South Korea's domestic consumption of petroleum products, however, has been dwindling since March on high oil prices, according to the ministry. The country's use of gasoline in the first half dropped 0.4 percent from the same period last year to a little over 32 million barrels with the use of diesel also dropping 3.3 percent on-year to about 59 million barrels, it said.
The country shipped over US$25.8 billion worth of petroleum products in the first six months of the year, up 71.8 percent from the same period last year, according to the Ministry of Knowledge Economy.
"The increase in exports of petroleum products in the first half of 2011 appears to have been prompted by an increase in shipments to Japan and other countries in Asia due to dwindling shipments from Japan," the ministry said.
South Korea's exports of petroleum products have been rising significantly since the powerful earthquake and tsunami hit Japan on March 11, nearly wiping out the country's oil refineries.
With the large increase of shipments in the first half, petroleum products have now become the country's third-largest export item, following ships and semiconductors, according to the ministry.
The first-half export figure accounts for more than half of the money the country spent to import oil, which also jumped 46.4 percent on-year to $48.6 billion, the ministry said.
Over 86 percent of all oil imports came from Middle East countries with Saudi Arabia supplying over 31 percent of the total. Imports from Africa, on the other hand, dropped over 93 percent to a little over 280,000 barrels, accounting for 0.1 percent of South Korea's total imports, it said.
South Korea's domestic consumption of petroleum products, however, has been dwindling since March on high oil prices, according to the ministry. The country's use of gasoline in the first half dropped 0.4 percent from the same period last year to a little over 32 million barrels with the use of diesel also dropping 3.3 percent on-year to about 59 million barrels, it said.
