ULSAN — Oil product exports from the Ulsan region rebounded sharply this year, driven by a surge in unit prices that offset a decline in volume.
According to the "January-July 2026 Ulsan Oil Product Export Trends" released by Ulsan Customs on the 25th, export volume during the period was 17.095 million tons, down 13.7% from 19.806 million tons a year earlier. Export value, by contrast, reached $17.33 billion, up 28.0% from $13.54 billion in the same period last year. The gain was driven by a jump in the overall average export price to $1,014 per ton from $684, an increase of about 48%.
From 2023 through 2025, Ulsan's oil product exports had trended downward, with annual export value falling from $26.97 billion to $23.36 billion as prices declined even while volume rose. This year, a sharp rebound in prices led to a marked improvement in results.
By product, jet fuel and lubricants stood out. The combined share of export value for the two products widened by 9.7 percentage points to 37.0% this year from 27.3% a year earlier.
Jet fuel in particular saw both export volume (3.526 million tons, up 9.8%) and price ($1,106 per ton, up 62.2%) rise together, with export value jumping 78.2% from a year earlier to $3.9 billion. As a result, jet fuel accounted for 22.5% of total exports, overtaking gasoline (21.1%) to rank second behind diesel, the largest export product.
Lubricant exports also grew 68.7% to $2.52 billion. Their price of $1,516 per ton, up 51.4%, was the highest among major oil products.
Diesel, the largest export product, saw volume fall 13.5% to 5.879 million tons, but its price rose 53.6% to $1,002 per ton, lifting export value 33.0% to $5.89 billion. Its share of total export value remained the highest at 34.0%.
Gasoline volume fell 21.0% to just 4.091 million tons, but on the strength of a higher price ($892 per ton, up 28.7%), export value edged up 1.5% to $3.65 billion.
The main export markets also differed sharply by product.
For diesel, Australia accounted for an overwhelming share at $3.04 billion, or 51.6% of total diesel exports. Japan followed at $550 million, then Bangladesh ($370 million) and the Philippines ($370 million).
Jet fuel expanded its export network to the United States ($1.11 billion, 28.6%), Japan ($680 million) and Australia ($580 million), as well as Europe, including the Netherlands ($520 million).
For gasoline, Southeast Asian and Japanese markets — led by Singapore ($1.13 billion, 31.1%) and the Philippines ($740 million) — made up 83% of the total.
For lubricants, the United States ($800 million) and India ($480 million) became the two largest markets. India exceeded the United States in volume (438,000 tons versus 409,000 tons), but the United States ranked first by value on the strength of higher-priced products.
An official at Ulsan Customs said the rise in export prices for major products drove the overall expansion in export performance despite the decline in volume. The official added that the customs office plans to closely monitor international oil prices and global market trends, given the growing share of jet fuel and lubricants and the increasingly distinct differentiation of markets by product.
