Bloomberg News

S. Korea September Oil Imports Rise 8.2% to 81 Million Barrels

October 01, 2011

(Updates with import value in second paragraph.)

Oct. 1 (Bloomberg) -- South Korea, the world’s fifth- largest crude oil importer, increased imports of the fuel by 8.2 percent last month, the Ministry of Knowledge Economy said in an e-mailed statement today.

Imports rose to 81 million barrels from 74.9 million barrels a year earlier, the ministry said. The country’s import bill increased 56.7 percent to $8.8 billion after benchmark Dubai prices rose 40.6 percent to $105.7 a barrel, it said, citing preliminary figures provided by Korea Customs Service.

South Korea’s oil-product exports rose 4.4 percent last month to 30.6 million barrels. Shipments to Europe rose 49.8 percent, the most among all destinations, followed by a 38 percent in exports to Japan, the ministry said, citing values for the first 20 days of September.

Oil-product exports rose 56.8 percent by value in September with petrochemical shipments up 30.9 percent.

Gas import costs increased 104 percent to $3.3 billion, while coal costs jumped 73.4 percent to $1.9 billion, according to the ministry.

Editors: Jim McDonald

To contact the reporter on this story: Jiyeun Lee in Seoul at jlee1029@bloomberg.net To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net


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