China's refined oil exports stood at 5.62 million tonnes over January-February 2024, an annual drop of 41% due to a high base last year, according to the General Administration of Customs of the People's Republic of China (GACC).
Source: GACC
The significant annual drop in refined oil exports was partly attributed to a high base during the same period in 2023, when the refineries sought export opportunities amidst poor domestic demand caused by a vast covid-infected population after China scrapped the covid-zero policy by end-2022.
Meanwhile, the Southeast Asian countries taking the Spring Festival holiday also weighed on the demand, against the rebounding export profits.
Looking ahead, it is projected that China's refined oil exports will show momentum supported by the rebounding demand in Asia and North America on rising traveling needs after the climate turns warmer, as well as the rising production in China.
Source: Mysteel OilChem
It is previously learned by OilChem that the refined oil exports have been planned at 4.2 million tonnes in March, including 0.73 million tonnes gasoline, 1.26 million tonnes gasoil, and 2.21 million tonnes kerosene.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com