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S.Korea's exports decline in Jan. on lower oil prices

Xinhua, February 1, 2015 Adjust font size:

South Korea's exports declined last month as lower global oil prices pulled down prices of oil-related products, which led to a fall in oil product exports, a government report showed Sunday.

Exports, which account for about half of the economy, slipped 0. 4 percent from a year earlier to 45.37 billion U.S. dollars in January, according to the Ministry of Trade, Industry and Energy.

The decline came as low global crude oil prices dragged down exports in oil-related products. In terms of volume, shipments of oil and petrochemical products surged 13.2 percent and 4.2 percent each.

In terms of value, oil product exports sank 38.5 percent from a year earlier to 1.8 billion dollars in January, with those for petrochemical products dropping 19.8 percent to 800 million dollars.

Dubai crude, South Korea's benchmark, averaged 45.8 dollars per barrel in January, down from 104 dollars a year earlier.

Exports, which exclude oil and petrochemical products, increased 6.6 percent in January, the ministry said, noting that the overall exports are in a good position except for the effect from cheap oil. Endi