Exports of oil products expected to plunge in March

SEOUL, March 1 (Yonhap) -- South Korean exports of petroleum products are
expected to tumble nearly 40 percent in March from a year earlier due to sagging
global demand amid a severe economic downturn, a trade association said Sunday.
According to the Korea Petroleum Association, exports of oil products are likely
to sink 39.1 percent on-year to US$1.65 billion in March.
The gloomy outlook comes after overseas shipments of petroleum nose-dived 37
percent annually to $2.8 billion in the first two months of this year.
For the whole of this year, exports are predicted to dip 49.5 percent from a year
earlier to $18.58 billion.
To cope with slumping global demand, the association said, the refining industry
will make all-out efforts to boost shipments by diversifying its markets to North
America, Europe, South America and Africa.
So far, Asia has been the main export destination of local refiners.
Petroleum products are one of the key South Korean exports, earning the
second-largest amount of dollars among export items last year.
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