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South Korea Imported Crude Oil And Its Products Increase Substantially From The United States
Dec 26, 2017

According to the Korea Trade Association disclosure on 20th , South Korea imported 5 major energy products such as petroleum, petroleum products, liquefied natural gas (LNG), liquefied petroleum gas (LPG) and coal from January to November this year to 4 billion 9 million U.S. dollars, there is an increase of 148.2% over the same period of last year. The value of LPG (1,710 million U.S. dollars) increased by 57.9% over the same period of last year, Coal imports amounted to 740 million U.S. dollars, increased 187.0% over the same period of last year. Crude oil and LNG, which had not been imported from the United States in the past, also started to inflow in the fourth quarter of last year.

In the Asian region, while imports of crude oil increased, imports from the Middle East also gradually diversified. The share of Middle East oil and crude oil imports dropped from 88.5% in the third quarter of last year to 82.6% in the third quarter of this year. The chief researcher of the Trade Analysis Institute of Trade said: Expanding the import of energy products from the United States will minimize the market turmoil, effectively reduce the trade surplus with the United States and look forward to achieving price stability through the diversification of imports.

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