China's gasoline exports in August almost doubled from a year ago
China's August gasoline exports surged 97.4% from a year earlier as refiners took advantage of new export quotas amid sluggish domestic demand, customs data showed on Sunday.
Gasoline shipments totaled 1.12 million tons last month, while the volume in the January-August period was 30.4% lower than in the same period last year, data from the General Administration of Customs showed.
Diesel exports, on the other hand, increased by 51.8% compared to August 2021 to 830,000 tons, thanks to healthy export margins. Exports for the January-August period amounted to 3.25 million tons, down 78.3% compared to the same period last year.
In August, jet fuel exports fell by 15.4% y-o-y to 780,000 tons. However, year-to-date shipments totaled 5.54 million tons, 4.4% higher than a year earlier.
Analysts and traders had expected China's gasoline, diesel and jet fuel exports to rebound in August to near a year-high after Beijing imposed higher export quotas in June and July.
China set a fourth batch of export quotas of 1.5 million tons for this year, bringing the total so far this year to 24 million tons, a third lower than in 2021.
Customs data also showed that China's imports of liquefied natural gas (LNG) in August fell 28.1% from a year earlier to 4.72 million tons. Shipments in the first eight months of the year also fell 21.3% year-on-year to 40.64 million tons due to high spot prices of super-cooled fuel.
Pipeline gas imports rose 9% year-on-year to 4.13 million tons last month, the data showed. Year-to-date import volumes reached 30.40 million tons, up 10.6% from a year earlier.
The table below shows trade details and volumes in million tons.
Exports August y/y % change January-August y/y % change
- Gasoline 1.12 97.4 7.56 -30.4
- Diesel 0.83 51.8 3.25 -78.3
- Jet fuel 0.78 -15.4 5.54 4.4
Imports August y/y % change January-August y/y % change
- LNG 4.72 -28.1 40.64 -21.3
- Piped gas 4.13 9.0 30.40 10.6
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