Petroleum products emerge as S. Korea's No. 1 export item

SEOUL, Aug. 22 (Yonhap) -- Petroleum products have emerged as South Korea's leading export item this year mainly due to rising oil prices and diversified export markets, customs data showed Monday. South Korea exported US$28.73 billion worth of petroleum products during the January-July period, up 73 percent from a year earlier, according to the data by the Korea Customs Service. This marked the first time that oil-related products have led the nation's overall overseas shipments. Traditionally, ships, semiconductors, mobile phones and flat panels have driven exports. "Crude oil prices increased and so did export unit prices of petroleum products. Continued efforts to develop new technologies, diversify product lineups and expand export markets also appear to be paying off," a customs agency official said. South Korea depends on imports for most of its oil needs, but it has been expanding exports of petroleum products such as highly refined oil. Ships came in second with their exports amounting to $25.86 billion during the same period. Semiconductors, automobiles and liquid crystal display devices followed with $23.18 billion, $23.12 billion and $15.96 billion, respectively, the data showed. In particular, semiconductors, the nation's No. 1 export product last year, saw its standing slide to third due to falling chip prices in international markets, the data showed. Wireless communications equipment, including mobile phones, also fell to sixth by posting $15.1 billion during the first seven months of the year in the face of heated competition in smartphone markets dominated by Apple Inc's iPhone, the data showed. Its exports stood at second in 2009.