Petrochemicals Export of South Korea: A Deep Dive Into the Trade of 2024

Petrochemicals, the chemical products derived from petroleum, currently play a crucial role in global trade due to their essential role in the energy sector. South Korea, located in East Asia on the southern half of the Korean Peninsula, has established itself as a crucial contributor to the petrochemicals export market. South Korea Import Data says the U.S.-Korea free trade agreement has been facilitating the preferential access of the domestic traders of South Korea to the U.S. market. The regional comprehensive economic partnerships are enhancing trade relations, while the robust export infrastructure and the competitive production costs have been driving the reliable entry into the foreign trade market.

The increased exports to Southeast Asia, along with the partnerships and trade agreements, have been fueling the overall export trade revenue rate of petrochemicals exports in 2024. The rapid innovation and product development, along with the skilled workforce engaged in the industrial sectors, have resulted in an export trade value of petrochemicals worth 64 billion US dollars in 2024. Subscribe to Import Globals, an importexport trade provider, to stay updated with the latest information regarding the petrochemical export of South Korea via the South Korea trade data.

POLICY REFORMS SUPPORTING THE EXPORT OF PETROCHEMICALS FROM SOUTH KOREA IN 2024

The Capacity Reduction and Industry Restructuring introduced by the government authorities were aimed at addressing the chronic tolerance capacity and improving profitability. This initiative has consolidated the shift toward high-value-added specialty chemicals. The financial support and low-interest loans have been directed towards providing low-interest funding to the traders who are investing their services in the petrochemicals trade, for encouraging investment in high-value-added petrochemicals sectors.

The tariff relief on key feedstocks by the authorities has reduced the production costs while alleviating the financial pressures. It has refunded the import duties to further support the sector’s competitiveness. The accelerated M&A and plant closure approvals have streamlined the restructuring processes while reducing the administrative delays.

THE LEADING VARIANT OF PETROCHEMICALS EXPORTED FROM SOUTH KOREA

South Korea in 2024 has actively reported a diversification in the petrochemicals trade, driven by the increasing evolution of the extraction techniques. According to the South Korea Export Data, the top 10 leading variants of petrochemicals exported from the nation in 2024 are,

  • Polypropylene (PP) — The annual valuation of Polypropylene (PP) exported from South Korea in 2024–18 billion US dollars
  • Polyethylene (PE) — The annual valuation of Polyethylene (PE) exported from South Korea in 2024–12 billion US dollars
  • Ethylene– The annual valuation of Ethylene exported from South Korea in 2024–7 billion US dollars
  • Propylene — The annual valuation of Propylene exported from South Korea in 2024–6.12 billion US dollars
  • Styrene Monomer (SM) — The annual valuation of Styrene Monomer (SM) exported from South Korea in 2024–5.43 billion US dollars
  • Polyvinyl Chloride (PVC) — The annual valuation of Polyvinyl Chloride (PVC) exported from South Korea in 2024–4.78 billion US dollars
  • Acrylonitrile Butadiene Styrene (ABS) — The annual valuation of Acrylonitrile Butadiene Styrene (ABS) exported from South Korea in 2024–3.90 billion US dollars
  • Polyethylene Terephthalate (PET) — The annual valuation of Polyethylene Terephthalate (PET) exported from South Korea in 2024–2.76 billion US dollars
  • Butadiene Rubber (BR) — The annual valuation of Butadiene Rubber (BR) exported from South Korea in 2024–2.19 billion US dollars
  • Synthetic Rubber (SBR) — The annual valuation of Synthetic Rubber (SBR) exported from South Korea in 2024–1.89 billion US dollars

TOP 10 EXPORT TRADE PARTNERS OF SOUTH KOREA IN 2024

The country, to maintain its profitability in the petrochemicals trade and to upgrade the revenue rate in a positive manner, has balanced the trade deficit rate. According to the South Korea Customs Data, the top 10 export trade partners of the nation in 2024 are,

  • China — The total valuation of petrochemicals exported from South Korea to China in 2024–14 billion US dollars

Top 5 variants of petrochemicals exported

· Ethylene Propylene Diene Monomer (EPDM)

· Thermoplastic Olefins (TPO)

· Thermoplastic Vulcanizates (TPV)

· Polyamide (PA)

· Polybutylene Terephthalate (PBT)

  • United States– The total valuation of petrochemicals exported from South Korea to the United States in 2024–11 billion US dollars

Top 5 variants of petrochemicals exported

· Ultra-Low-Density Polyethylene (ULDPE)

· Metallocene Polyethylene (mPE)

· High Molecular Weight Polyethylene (HMWPE)

· Medium-Density Polyethylene (MDPE)

· Cross-Linked Polyethylene (PEX)

  • Vietnam — The total valuation of petrochemicals exported from South Korea to Vietnam in 2024–10 billion US dollars

Top 5 variants of petrochemicals exported

· Polytrimethylene Terephthalate (PTT)

· Polyethylene Terephthalate Glycol (PETG)

· Polypropylene Glycol Ether (PPG-E)

· Polyethylene Oxide (PEO)

· Polyvinyl Chloride Resin (PVC Resin)

  • Hong Kong — The total valuation of petrochemicals exported from South Korea to Hong Kong in 2024–8 billion US dollars

Top 5 variants of petrochemicals exported

· Polyisoprene Rubber (IR)

· Polybutene (PB)

· Polyisobutylene (PIB)

· Polyethylene Naphthalate (PEN)

· Polyethylene Furanoate (PEF)

  • Taiwan — The total valuation of petrochemicals exported from South Korea to Taiwan in 2024–7.19 billion US dollars

Top 5 variants of petrochemicals exported

· Styrene Butadiene Rubber (SBR)

· Butadiene Rubber (BR)

· Ethylene Propylene Diene Monomer (EPDM)

· Thermoplastic Olefins (TPO)

· Thermoplastic Vulcanizates (TPV)

  • Japan — The total valuation of petrochemicals exported from South Korea to Japan in 2024–6.54 billion US dollars

Top 5 variants of petrochemicals exported

· Polyphenylene Oxide (PPO)

· Polyvinyl Alcohol (PVA)

· Polyhydroxyalkanoates (PHA)

· Polyethyleneimine (PEI)

· Polybutadiene (PBD)

  • India– The total valuation of petrochemicals exported from South Korea to India in 2024–5.89 billion US dollars

Top 5 variants of petrochemicals exported

· Polyvinylidene Fluoride (PVDF)

· Polyphenylene Sulfide (PPS)

· Polyetheretherketone (PEEK)

· Polyetherimide (PEI)

· Polyimide (PI)

  • Singapore — The total valuation of petrochemicals exported from South Korea to Singapore in 2024–4.78 billion US dollars

Top 5 variants of petrochemicals exported

· Polyoxymethylene (POM)

· Polyethylene Glycol (PEG)

· Polypropylene Glycol (PPG)

· Polymethyl Methacrylate (PMMA)

· Polytetrafluoroethylene (PTFE)

  • Australia — The total valuation of petrochemicals exported from South Korea to Australia in 2024–3.45 billion US dollars

Top 5 variants of petrochemicals exported

· Acrylonitrile Butadiene Styrene (ABS)

· Polycarbonate (PC)

· Polyamide (PA)

· Polybutylene Terephthalate (PBT)

· Polyurethane (PU)

  • Mexico — The total valuation of petrochemicals exported from South Korea to Mexico in 2024–2.76 billion US dollars

Top 5 variants of petrochemicals exported

· Polypropylene (PP)

· Polyethylene (PE)

· Polyvinyl Chloride (PVC)

· Polyethylene Terephthalate (PET)

· Polystyrene (PS)

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