S. Korean oil refiners' exports hit fresh high in 2022

Economy 11:06 January 29, 2023

SEOUL, Jan. 29 (Yonhap) -- South Korean oil refiners' exports hit a record-high level in 2022, data showed Sunday, on the back of soaring global energy prices amid the protracted war between Russia and Ukraine.

The combined exports of local oil refiners reached US$57 billion in 2022, up 71.2 percent from a year earlier, according to the data compiled by the Korea Petroleum Association.

It marked the highest level since $53.2 billion posted in 2012.

By destination, South Korea shipped petroleum products to 64 countries last year, up from 58 tallied in 2021.

Australia accounted for 18.3 percent of the exports, trailed by Singapore and the United States with 12.1 percent and 8.3 percent, respectively.

China, meanwhile, accounted for just 8 percent, sharply down from 20 percent tallied in 2021, due to its zero-COVID-19 restrictions that dealt a harsh blow on its industrial activities.

In 2023, South Korean oil refiners are anticipated to benefit from China's eased virus restrictions, along with export regulations imposed on Russia by the European Union, according to the association.

The slowing global economy, on the other hand, also poses a threat to local oil refiners, it added.