China exported a total of 3.32 million tonnes of refined oil in March, down 26% month-on-month and up 28% year-on-year, mainly due to the low export profit of gasoline and negative export profit of gasoil, data from the General Administration of Customs of the People's Republic of China (GACC) showed.
Specifically, compared with previous month, the export volume of gasoline was 26% lower at 0.76 million tonnes, that of gasoil posted 33% fall to 1.44 million tonnes, and that of jet fuel dipped by 15% to 1.12 million tonnes, according to GACC.
China Refined Oil Exports in Mar (Unit: '000 tonnes)
Product | Exports | MoM Chg | YoY Chg | YOY Chg (Q1) |
Gasoline | 760 | -26% | -34% | 316% |
Gasoil | 1,440 | -33% | 114% | 900% |
Jet Fuel | 1,120 | -15% | 45% | 447% |
Refined Oil | 3,320 | -26% | 28% | 110% |
Source: GACC
The volume of gasoline, gasoil and jet fuel faced a month-on-month decline in March, but that of gasoil and jet fuel surged by 114% and 45% year-on-year respectively.
Gasoil export volume was 43% of total refined oil exports in March, down 5 percentage points month-on-month, but it still had the largest share. In addition, jet fuel accounted for 34% of the total, up 5 percentage points month-on-month, but the proportion of gasoline kept stable at 23%, according to OilChem.
Actual exports of refined oil totaled about 12.84 million tonnes in the first quarter, 67.58% of the first batch of export quotas of 18.99 million tonnes have been completed, learned from OilChem.
OilChem expects refined oil exports might inch up in April, owing to improved gasoline export profit.
Written by Catherine Sun, sss@oilchem.net
Edited by Navy Liu, navy@oilchem.net