Benzene exports from EU countries sank by 64.4% year-on-year in October to 11,472 mt, according to Eurostat data.
It was also a 32.6% decline in export volumes from September's 17,032 mt.
The US remained the main destination for the EU's benzene exports, with as much as 9,450 mt sent there.
The EU-US arbitrage window was open in October, although only sporadically, as European spot benzene prices were in a freefall.
Pressurized by high stocks and low domestic demand, the spot price reached on October 22 the lowest level since the end of 2011, and traders looked to the US and even Asia as potential destinations for shipments in order to clear stocks.
But the overhang in Europe in October was not as pronounced as it could otherwise have been due to turnarounds at a number of refineries and steam crackers. As a result, there was less volume exported compared to last year.
In addition, global appetite for benzene was also limited compared to last year, with the US market for example struggling to accommodate all the European product. In October, the US took only half as much material from the EU countries as it did in September, and this was a 67% reduction in volumes year-on-year.
Overall, the EU remains structurally a net importer of benzene, with imports in October totalling 48,485 mt, originating primarily from Israel, India, Saudi Arabia and Ukraine, according to the Eurostat data.
