Imports of key products, including crude oil, declined as the Strait of Hormuz was blocked by the Middle East war.
According to K-stat, a statistics service of the Korea International Trade Association, on the 26th, last month's crude oil imports totaled $5.95 billion, down 5.3% from the same period a year earlier.
As of last month, Middle Eastern oil accounted for 63% of Korea's crude imports, 10 percentage points lower than a year earlier (73%).
This is seen as an effect of the United States and Iran engaging in a show of force over maritime control of the Strait of Hormuz. Iran shut the strait on Feb. 28, when the Middle East war broke out, and on the 12th of this month the United States also moved to impose a reverse blockade, saying it would block all vessels that paid transit fees to Iran.
U.S. crude filled the gap left by the decline in Middle Eastern oil. Imports of U.S. crude reached $1,378.04 million, up 75.8% from last year and the highest in one year and eight months. Imports from Australia ($150 million, up 44.7%) and Malaysia ($90 million) also increased.
Naphtha, a key feedstock for the petrochemical industry, also saw a drop in imports. Last month's naphtha imports totaled $1.99 billion, down 23.8% from a year earlier. Imports of helium, used as a coolant in semiconductor and display manufacturing, also fell 23.5% over the same period to $12.98 million.