According to Yonhap News,

(SEOUL = Yonhap News) Korea’s exports of petrochemical products are expected to surpass USD 50 billion this year for the first time.

The Korea Petrochemical Industry Association (KPIA) said during a New Year’s greeting ceremony at The Plaza in Seoul that the petrochemical industry is likely to record USD 50.3 billion in exports and a trade surplus of USD 32.3 billion. Also, it predicted a 3.1 percent rise in domestic demand.

Last year, the industry recorded USD 48.3 billion in exports and a trade surplus of USD 31.4 billion.

“The industry must cut the production of low-margin products and expand investment to produce high value-added products,” said Kim Jae-Hong, Vice Minister of Industry and Technology at the Ministry of Trade, Industry & Energy.

“The ministry will improve the environmental regulations and optimize the inspection activities of import control to help the petrochemical industry achieve sustainable growth,” he said.

“We will expand the market and increase employment by diversifying our market and focusing on high value-added products,” said Bang Han-Hong, Chairman of the KPIA.