S Korea March exports to Mideast Gulf slip

South Korea’s base oils exports to the Mideast Gulf stayed unusually high in March even as they fell to a three-month low.

Exports of 22,430t in March fell from more than 48,000t the previous month, government data showed.

The February volume had been the highest in more than a decade.

The March volume was the lowest this year. It was still the third highest since 2017.

The high volume added to a surge in shipments to the Mideast Gulf in the first three months of the year.

Exports of 93,960t to the region in the first quarter rose from less than 48,000t during the previous three months to a record quarterly high.

A large portion of the shipments consisted of heavy-grade base oils.