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Imports of crude, oil products soar in 2010

Korea’s imports of crude and refined oil products surged in 2010 from a year earlier, fueled by greater local and export demand, a government report showed Tuesday.

According to the report by the Ministry of Knowledge Economy, the country brought in $89.6 billion worth of crude and refined oil products last year, compared with $65.5 billion the previous year.

Crude imports jumped 35.4 percent on-year to $68.7 billion last year, with those of refined petroleum products spiking 40.8 percent to $20.9 billion.

“The increase reflects a rise in domestic demand for crude oil and exports of refined petroleum products made in the country,” said the ministry in charge of the country’s industrial and energy policies.

Demand for oil rose 2.7 percent on-year to 1.18 billion barrels in the cited year with actual domestic consumption reaching 795 million barrels. The rest were refined in the country for export.

Of the total, crude imports reached 872 million barrels, with rest being refined oil products.

The report, meanwhile, showed export of refined oil products moving up 32.8 percent on-year to $33.8 billion last year. The sum is equal to 37.8 percent of crude and refined oil products that were imported last year, the ministry said. 

(Yonhap News)