Image: Reuters Berita 24 English - Despite stalled domestic demand, China's gasoline exports declined 45.5 percent in May and diesel ex...
 |
| Image: Reuters |
Berita 24 English - Despite stalled domestic demand, China's gasoline exports declined 45.5 percent in May and diesel exports tumbled 92.7 percent as companies ran out of export quotas, according to Chinese customs statistics released on Saturday.
According to figures from the General Administration of Customs, China exported 840,000 tonnes of gasoline this month, down from 1.55 million tonnes in May 2021 and 980,000 tonnes in April.
Exports of diesel fell to 120,000 tonnes from 1.68 million tonnes a year ago and 530,000 tonnes the month before.
Widespread lockdowns, which began in March in Shanghai's financial and commercial hub to contain the COVID-19 virus, slashed local gasoline, diesel, and aviation fuel use. With some loosening of mobility restrictions, demand began to pick up in late May.
Last month, total refined fuel exports, which include marine fuel oil, were over 40% lower than a year ago, at 3.27 million tonnes, the second-lowest monthly rate since July 2020, according to previous data.
Exports fell 39% year on year from January to May as Beijing lowered export quotas to rein in surplus domestic refinery production.
The government issued an additional batch of licences in early June due to rising stocks as a result of stagnating gasoline usage.
Exports of jet fuel, which include refuelling at Chinese airports for international flights, grew to 810,000 tonnes in May from 570,000 tonnes a year earlier, though down from 960,000 tonnes in April, according to figures released on Saturday.
Liquefied natural gas (LNG) imports in China fell 28% year on year to 4.93 million tonnes, with year-to-date imports down 19.6% as consumers shied away from spot purchases due to high import costs.
Imports of pipeline gas, largely from Turkmenistan and Russia, increased by 26% year on year to a new high of 4.15 million tonnes, surpassing 4 million tonnes for only the second time after doing so in December.
According to data, imports increased by 11.3 percent year over year to 18.42 million tonnes in the first five months.
The trade specifics are shown in the table below, with volumes in million tonnes.
Exports May y/y % change Jan-May y/y % change
Gasoline 0.84 -45.5 4.86 -40
Diesel 0.12 -92.7 1.73 -83.7
Jet fuel 0.81 42.6 3.76 33.7
Import May y/y % change Jan-May y/y % change
LNG 4.93 -28.1 26.49 -19.6
