S Korea’s May exports to China steady

South Korea’s base oils exports to China edged down in May, holding at a level that remained lower than in previous years.

Exports of 68,240t to China in May fell from 74,100t the previous month, government data showed.

Total base oils exports of 352,440t in the first five months of the year were up 6pc from 332,550t during the same period last year, when lockdown measures slashed economic activity in China.

The end of China’s zero-Covid policy from late last year raised expectations of a rebound in the country’s economic activity this year.

The muted rise in South Korea’s exports to China so far this year reflected the weaker-than-expected strength of that recovery.

It also reflected China’s growing self-sufficiency to cover reduced requirements with domestic base oils supplies.

China's lower demand forced South Korean producers to move more supplies to other markets instead.