SEOUL, Jan. 24 (Korea Bizwire) — Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday.
Oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 472.32 million barrels in 2017, up 4.3 percent from a year earlier, according to data compiled by the Korea Petroleum Association.
The total jumped 33 percent on-year to US$30.1 billion last year, helped by higher oil prices, the association said.
Exports to China amounted to 86.39 million barrels in 2017, accounting for 20.3 percent of total outbound shipments, followed by Australia with an 11.9 percent share, Singapore with 11.7 percent, Japan with 8.9 percent and Taiwan with 8.6 percent.
Aided by improved cracking margins and solid demand for refined petroleum products, local analysts expect their stellar performance to continue this year.