Korea's exports of gasoline, diesel hit record high in 2024
SK Ulsan CLX / Courtesy of SK Innovation
Exports of gasoline and diesel by major refiners in Korea hit a record high last year, with over 50 percent of all imported crude oil shipped overseas after being refined here, data showed Sunday.
The four leading refiners in the country — SK Energy, GS Caltex, S-Oil and Hyundai Oilbank — shipped 111.89 million barrels of gasoline and 211.66 million barrels of diesel in 2024, according to the Korea Petroleum Association.
The combined total marks the highest export volume since the association began compiling such data in 1992.
The overall exports of petroleum products increased 4.8 percent from a year earlier to 490.45 million barrels in 2024, marking the second-highest figure in history after the record high set in 2018.
Despite the increase in export volume, the companies' earnings from exports declined 2.9 percent on-year to $45.17 billion due to a fall in global prices.
The association attributed the rise in export volume to domestic refiners' efforts to seek a "breakthrough" amid a downtrend in the refining margin by expanding exports of light oil products.
By fuel type, diesel accounted for 41.1 percent of total exports in 2024, followed by gasoline at 22.8 percent, aviation gasoline at 18 percent and Naphtha at 8.1 percent. (Yonhap)