S. Korea’s petroleum goods trade marks highest-ever H1 total

Arirang News 2018-08-27

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In the first half of the year, the nation saw the highest trading volume in both import and export.
The trend is driven mainly by a bullish trend in the global petroleum market.
Yoon Jung-min help us look beyond the numbers.
South Korea saw the highest trading volume of petroleum products this year it's ever recorded for the January to June period, adding momentum to the local economy.

According to the trade ministry on Monday, Korea brought in some 560 million barrels of crude oil in the first half, up 2-point-7 percent from the same time last year, hitting a record high.

Imports from the U.S. through June soared near 360 percent to 14-point-1 million barrels.
Korea bought more U.S. shale oil while reducing volumes from the traditional oil producers in the Middle East.

As for exports, sales of petroleum goods went up 4-point-2 percent on-year to 260 million barrels.

Total revenue amounted to some 22 billion U.S. dollars due mainly to an increase in global oil prices... on rising demand for gasoline and diesel.
Prices for both inched up 0.5 percent and 1.1 percent, respectively.

The bullish demand for Korea's oil goods is a positive sign for the local economy. Exports of gasoline to Indonesia, in particular, jumped more than 2,000 percent.
Yoon Jung-min, Arirang News.

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