South Korea’s Benzene Exports to Hit Record $2.2B With Rising Supplies to China and Japan
IndexBox has just published a new report: ‘Republic of Korea – Benzene – Market Analysis, Forecast, Size, Trends And Insights‘. Here is a summary of the report’s key findings.
From January-October 2021, South Korea supplied abroad 2.0M tonnes of benzene, which was 10% more than in the same period a year earlier. Due to rising prices, exports in value terms spiked more than twofold, reaching $1.8B. Most of the increment was provided by expanded supplies to China and Japan. By the end of this year, the total value of benzene exported from Korea could exceed $2.2B, setting a new record.
Korea’s Benzene Exports by Country
From January-October 2021, South Korea’s benzene exports totaled 2.0M tonnes, a 10%-increase compared to the same period in 2020. In value terms, they surged from $875 to $1.8B over that time range.
Compared to the same period of last year, China and Japan have significantly boosted benzene purchases from South Korea this year. China ramped up imports by 31% to $1.15B, while supplies to Japan jumped by 68% to 107K tonnes.
In 2020, approx. 2.2M tonnes of benzene were exported from South Korea, shrinking by -15.5% compared with 2019. In value terms, benzene exports dropped markedly to $1.1B (IndexBox estimates).
China (1.1M tonnes), the U.S. (636K tonnes) and Taiwan (Chinese) (444K tonnes) were the main destinations of benzene exports from South Korea, together accounting for 97% of total exports.
In value terms, the largest markets for benzene exported from South Korea were China ($499M), the U.S. ($327M) and Taiwan (Chinese) ($216M), with a combined 96% share of total exports.
Last year, the average benzene export price amounted to $487 per tonne, falling by -23.6% against the previous year. Average prices varied noticeably for the key foreign markets. In 2020, the countries with the highest prices were the U.S. ($515 per tonne) and Japan ($500 per tonne), while the average price for exports to China ($469 per tonne) and Taiwan (Chinese) ($485 per tonne) were amongst the lowest. In 2020, the most notable growth rate in terms of prices was recorded for supplies to Japan, while the prices for the other significant destinations experienced a decline.
Source: IndexBox Platform
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