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Korean petrochemical major SK Group clocks record exports
31
Jan '13
Despite of the global economic downturn, SK Group is expecting USD 60 billion yearly exports, which is the company record high.

SK Group announced its record high USD 60 billion (KRW 64.2 trillion) exports, which includes performances of SK affiliates such as SK Innovation, SK Energy, SK Global Chemical, SKC, and SK Hynix. The total export is expected to account for 74% of the total revenue. As SK Group celebrates its 60th anniversary in 2013, the USD 60 billion export carries a significant meaning. In 2011, the export was USD 45 billion (KRW 48.6 trillion) and it accounted for 67.2% of the total revenue.

SK`s USD 60 billion exports occupied more than 10% of Korea`s total exports (USD 595 billion) in 2012.

SK Innovation and three other affiliates recorded KRW 53 trillion in 2012 through the export increase of oil products, which have world`s best quality competitiveness, and overseas oil development.

Due to high value-added petrochemical products and PET films, chemical-related affiliates such as SK Chemical and SKC recorded KRW 1.3 trillion of revenue and SK Hynix, which became a member of SK Group in 2012, achieved almost the same amount of exports in spite of the inactivity of the semiconductor market. If the demand for mobile phones drastically increases as in 2012 and the acquisition of Elpida and Micron completes successfully in 2013, it is expected that the demand for memory chips will show positive signs as well.

In particular, oil products ranked as the first place among Korea`s total exports for the first time in 2012, surpassing exports in fields of shipbuilding, automobile, and semiconductor. Although Korea is not an oil producing country, oil products are leading Korea`s exports. At the same time, exports of petrochemical products made by oil products are continuously increasing.

An official of SK Group said, `Due to the unprecedented global economic downturn, Korea`s export growth is falling gradually. However, SK Group will be able to increase exports with the high value added emulsified products and oil products such as diesel and gasoline, which are leading Korea`s exports. It is widely accepted that these performances are resulted from Chairman Chey`s `Export Drive` strategy.

In fact, exports of SK manufacturing companies increased continuously from KRW 23 trillion in 2007 to KRW 64 trillion in 2012. In particular, exports accounted for 30.8% of the total revenue in 1997 when Chairman Chey had not yet start his chairmanship. However, ever since Chairman Chey has activated his global strategies, exports accounted for 71.2% of the total revenue in 2008 as he celebrated his 10th anniversary as a chairman of SK Group.

In particular, the year 2013 is the first year of `Committee Management`, which is SK`s new governance system `Independent Yet United 3.0`. It is expected that each affiliated is able to achieve a new rise through autonomous management (Separate) basing on synergy effect (Together) created by collaboration between each affiliate in order to target the global market.

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