S. Korean oil product exports drop in Feb.

SEOUL, March 18 (Yonhap) -- South Korean oil product exports fell sharply in February due to a drop in crude prices and weak demand, a government report showed Wednesday.

The ratio of overseas shipments of oil products to the nation's overall exports
stood at 5.7 percent last month, down from a peak of 11.9 percent in July last
year, according to the report by the Korea Customs Service.
The nation's total exports amounted to US$25.4 billion in February, while
petroleum products exports came to just $1.5 billion, compared with $4.9 billion
in July.
Exports of petroleum products -- including diesel, naphtha and bunker C oil --
had led the nation's overall export growth in recent years on the back of a rise
in prices. Exports reached $20.4 billion in 2004, taking up 6.3 percent of all
exports for that year, and $24 billion in 2007.
Meanwhile, the oil import price averaged $43 a barrel in February, down 54
percent from $93 a barrel a year ago.
During the same period, the nation's oil import bills fell 49 percent to $3.2
billion from $6.28 billion, the report said.