China’s August gasoline exports nearly double from a year ago

BEIJING (Reuters) – China’s August gasoline exports rose 97.4% from a yr earlier, customs information confirmed on Sunday, as refiners took benefit of contemporary export quotas amid faltering home demand.

Gasoline shipments had been at 1.12 million tonnes final month, whereas volumes for the January to August interval had been 30.4% decrease than the corresponding interval final yr, in keeping with information from the Normal Administration of Customs.

Diesel exports had been at 830,000 tonnes, up 51.8% from August 2021, on wholesome export margins. Exports for the January to August interval totaled 3.25 million tonnes, down 78.3% on the identical interval final yr.

Exports of jet gasoline in August declined 15.4% from the identical interval final yr to 780,000 tonnes. Nevertheless, year-to-date shipments had been 4.4% increased than the yr earlier than at 5.54 million tonnes.

Analysts and merchants had anticipated China’s exports of gasoline, diesel and jet gasoline to rebound in August to close the very best for the yr after Beijing issued extra export quotas in June and July.

China topped up with a fourth batch of export quotas of 1.5 million tonnes for this yr, taking the entire to this point this yr to 24 million tonnes, nonetheless a 3rd decrease than 2021.

The customs information additionally confirmed that China’s liquefied pure gasoline (LNG) imports in August fell 28.1% from a yr earlier to 4.72 million tonnes. Shipments in the course of the first eight months of the yr had been additionally down 21.3% from the identical time a yr in the past at 40.64 million tonnes amid excessive spot costs of the super-chilled gasoline.

Pipeline gasoline imports final month rose 9% on-year to 4.13 million tonnes, the info additionally confirmed. Yr-to-date import volumes had been up 10.6% from a yr earlier to 30.40 million tonnes.

Desk under reveals commerce particulars, volumes in million tonnes.

Exports August y/y % change Jan-August y/y % change

Gasoline 1.12 97.4 7.56 -30.4

Diesel 0.83 51.8 3.25 -78.3

Jet gasoline 0.78 -15.4 5.54 4.4

Imports August y/y % change Jan-August y/y % change

LNG 4.72 -28.1 40.64 -21.3

Piped gasoline 4.13 9.0 30.40 10.6

(Reporting by Martin Quin Pollard, Writing by Emily Chow in Singapore; Enhancing by Christian Schmollinger)