S. Korean oil product exports soar in 2008

SEOUL, June 7 (Yonhap) -- South Korean oil product exports rose sharply in 2008 thanks to a rise in crude prices and diversification of export markets, a government report said Sunday.

The ratio of overseas shipments of oil products to the nation's overall exports
stood at 11.5 percent, taking the top spot in the list of export items last year,
according to the report by the Korea Customs Service.
The nation's total exports amounted to US$422 billion in 2008, while oil product
exports came to $36.6 billion.
The figure marks the first time that exports of oil products ranked first in the
country's list of export items, overtaking exports of vehicles and
semiconductors, the report said.
Exports of petroleum products -- including diesel, naphtha and bunker C oil --
had led the nation's overall export growth in recent years on the back of a rise
in prices. South Korean exports reached $284 billion in 2005, followed by $371
billion in 2007.
Oil product exports were trailed by ship exports, which recorded sales of $344.7
billion, and cellular phones with $344.3 billion, vehicle exports at $312.8
billion and semiconductors with $257.8 billion.
Meanwhile, China was South Korea's biggest trading partner last year, with
two-way trade amounting to $168.4 billion.
ksnam@yna.co.kr