Media: Korean petrochemical export slumped in 2015

According to a report released by the Korea International Trade Association (KITA), South Korea’s export of petrochemical products in 2015 plunged 21.6% in value to $37.78 billion due to weaker demand from China and persistence low oil prices.

The report elaborated that the slow down of Chinese economy and its increasingly becoming self-sufficient in certain petrochemical products has dampened the export result for Korea in 2015. This is at the center of attention as China is among the biggest customers for Korean petrochemical sector, accounting for nearly 50% of annual petrochemical exports. 

The report also expected a continuous slow down for Korean export oriented petrochemical makers during the first quarter of 2016.

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