Quick. What is South Korea’s largest export? Cars? Ships? Consumer electronics, you might say? Well, hold on to your seats- it’s refined petrochemicals. Yes, according to the WSJ, it’s the gas you put in your car that is Korea’s largest export.
It helps to have a China that has an insatiable and ever growing demand for the black gold as your neighbor. China itself just doesn’t have enough internal refining capacity to meet its own demand. Okay, I guess that factoid is good enough to make you sound smart in an East Asian business cocktail party or if you ever become a contestant on Jeopardy. Other then that, it’s not going to be much use to anyone else. Carry on people.