Petroleum products top South Korea's exports in July
01/09/2011 144
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SEOUL, Aug. 30 (Xinhua) -- Petroleum products, such as gasoline and diesel, topped South Korea's exports in July, driven mainly by rising demand from Europe, the government said Tuesday.
According to the Ministry of Knowledge Economy, South Korea shipped 5.18 billion U.S. dollars worth of petroleum products last month, up 95.7 percent from the same month a year before.
With the sharp growth in exports, petroleum products became South Korea's largest export item last month, outpacing ships and automobiles, the ministry said.
The ministry attributed the increase to a hike in demand from the European Union.
South Korea's shipments of petroleum products to Europe surged 251.6 percent to reach over 3.9 million barrels in July compared to a month before, influenced largely by the free trade agreement (FTA) with Europe that went into effect in July.
Meanwhile, local consumption of petroleum products shot up 6.3 percent on-year to around 66 million barrels, it said.
August 30, 2011
Source: Xinhua News
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