KOREA (SOUTH): S. Korea strives to revive petrochemical sector
South Korea said Wednesday (8 January 2020) it will spare no efforts to revitalize the country's petrochemical industry facing a prolonged slump amid growing protectionism and competition.
The country's exports of petrochemical products surrendered 14.8 percent in 2019 from a year earlier to USD 42.5 billion, according to the Ministry of Trade, Industry and Energy. Outbound shipments of petroleum goods also sank 12.3 percent over the cited period to USD 40 billion. The two segments each represented the fourth and fifth-largest export products for Asia's No. 4 economy.
"South Korea's petrochemical industry faced difficulties amid the trade dispute between the United States and China, along with the increasing supply around the globe," Vice Industry Minister Cheong Seung-il said during a meeting with business officials from petrochemical firms. The ministry said it will work closely with local firms to revamp related policies and pave the way for a full-fledged recovery of the area.
Source: Yonhap News Agency, Seoul; 8 Jan 2020
(Syed Rashid Ali, Karachi, Pakistan)