S. Korea’s petroleum goods trade marks highest-ever H1 total
  • 6 years ago
In the first half of the year, the nation recorded the highest trading volume it's ever seen in the first half.
The trend was 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 data from the trade ministry on Monday, exports of petroleum goods went up 4.2 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. There was a sharp increase in demand, in particular, from Indonesia.

As for imports, the country brought in some 560 million barrels of crude oil in the first half, up 2.7 percent from the same time last year.
The figures are also a record high.

Imports from the U.S. through June soared 358 percent to 14.1 million barrels.
Korea bought more U.S. shale oil while reducing the volumes from the traditional oil producers in the Middle East.
Yoon Jung-min, Arirang News.
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