Korean PX exports drop in Q1

26 Apr '14

2 min read

The exports of paraxylene (PX) from South Korea have dropped in the first quarter of this year, reports Business Korea citing data from the Korea Customs Service.

According to the data, the total volume of PX exports by Korean companies—Hyundai Oil Bank, S-Oil, Samsung Total, GS Caltex and SK Global Chemical, etc—decreased to 674,280 tons during January-March 2014 period, compared to exports of 762,144 tons during the same period last year.

In terms of value, Korean PX exports earned US$ 1.23 billion in Q1, with China alone accounting for $883.03 million.

The decline in PX export earnings was substantial in March 2014, fetching $254.98 million, as against the value of $433.25 million in the same month last year. The decrease in export unit price is one of the reasons for sharp decline in export earnings during the month.

Until recently, South Korean petrochemical companies derived profits from exporting PX, especially to the Chinese markets. However, since the first half of 2013, PX exports to China are showing a declining trend, mainly due to the slowdown of the Chinese economy.

To add to the Korean firms woes of drop in PX exports, the exports of ethylene and propylene are also showing no signs of improvement, according to the report.

Fibre2fashion News Desk - India

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