Export outlook for South Korea’s petroleum-related products remains firm and may exceed last year’s record of $30.1 billion to reach $40 billion as recovery in global oil market against stagnant refinery capacity can fuel demand and prices, the industry said.

According to the Korea Petroleum Association on Wednesday, Korean refiners - namely SK Energy, GS Caltex, S-Oil, and Hyundai Oilbank - exported $8.569 billion worth of petroleum-related products in the first three months, up 15 percent from a year ago. In line with the recovery pace of international oil prices, exports have been on a winning streak for the fourth consecutive quarter.

Refined petroleum has become Korea’s fourth biggest export after semiconductors, general machinery and petrochemical products.

In volume, shipments declined 2.9 percent on year to 114.29 million barrels as yield decreased for routine maintenance work.

Shipments to China accounted for the largest share of 25 percent, up 7 percentage points from 18 percent a year ago. Japan was the next biggest market with 12 percent, Australia with 9 percent and Singapore with 8 percent.

By type, diesel took up the largest share of 35 percent or 39.625 million barrels of total products, trailed by gasoline with 18 percent, air fuel with 17 percent and naphtha with 9 percent.

By Lee Dong-in and Lee Ha-yeon

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