South Korea’s TDI export volume in November was only 8,552 tons, down 50.4% year-on-year , the export volume of aggregated MDI increased by 7.5% year-on-year, but it was only 18,801 tons, the export volume was the lowest value in the whole year, and the export volume of pure MDI decreased by 17% year-on-year. The main reason for the sharp decline in export volume is still the protracted crisis in Ukraine, the slowdown in global economic growth caused by deflationary policies adopted by many countries, and the collective refusal of shipments by Korean freight unions.
Data source: customs data collation
The South Korean freight union launched a strike on November 24. The Ministry of Land, Infrastructure, Transport and Tourism (Ministry of Land) stated that considering that the strike spread to the whole country, it may hinder the import and export of freight at the main logistics facilities of the port, so the warning was raised. The Central Disaster Safety Countermeasures Headquarters takes the lead in taking interdepartmental emergency measures. Yonhap News Agency reported that the impact of the general strike on goods has caused a sharp drop in the throughput of major ports and logistics centers in Busan, Ulsan, Uiwang and other places in South Korea. Taking Busan Port, South Korea’s largest export port, as an example, the container import and export volume from 10:00 am to 5:00 pm on November 27 totaled 25.42 million standard units (TEU), a decrease of about half compared with the same period of the previous day, and a decrease from a similar period last month. More than 80%. The South Korean government issued a warning on the first day of December that the two-week freight driver strike had caused losses of 3.5 trillion won (approximately RMB 18.4 billion) to the steel, oil refining, and petrochemical industries. The strike lasted until December 9. It’s over. The strike caused the most serious damage to South Korea’s TDI exports span style=”font-family:”Microsoft Yahei”, sans-serif”>, a decrease of 70% from the previous month, Belgium, the largest importer from South Korea, imported less than 1% of the previous month in November, and the largest economy in Southeast Asia In Indonesia, the import volume also decreased by 61% month-on-month,
From the downstream of polyurethane, South Korean cars have shown positive growth, up 25% year-on-year to 219,500. Automobile exports amounted to US$5.4 billion, a year-on-year increase of 31%, setting a new record in four months. Both export volume and export value have achieved double-digit growth for five consecutive months. In terms of export destinations, exports to the United States, the European Union, and countries in Central and South America increased by 51%, 6.3%, and 22.8% year-on-year respectively. It is worth mentioning that in the first 11 months, South Korea’s cumulative auto exports reached US$48.7 billion, which has already surpassed the level of the whole year of last year. In 2022, the annual export volume is expected to exceed the US$50 billion mark for the first time. In terms of automobile production, South Korea’s automobile production in November increased by 25.4% year-on-year, and the cumulative increase from January to November was 8.3%. Although South Korea’s total export volume decreased in November, the demand for the automobile industry in Europe and the United States still shows signs of rising, especially for environmentally friendly vehicles including electric vehicles. According to South Korean customs data, the export volume in November reached 1.49 billion US dollars , hit a new high, with a year-on-year increase of 20.3%, and a year-on-year increase for 23 consecutive months. %.
Data source:KAMA (Korean Automobile Manufacturers Association)
Summary
South Korea’s overall export volume in November fell sharply, and the polyurethane industry was particularly damaged. The operation of local chemical companies has become more difficult. At the same time, South KoreaThe wide decline in the export volume of TDI and MDI has also raised more export opportunities for China and Japan. On the other hand, from the perspective of automobile export and production, the downstream demand for polyurethane is still on an upward trend in South Korea and is expected to continue to increase in the future.
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