China refined oil exports totaled at about 4.49 million tonnes in February, a month-on-month decrease of 12% and a year-on-year increase of 137%, owing to a plunge in gasoline and gasoil export profits, data from General Administration of Customs of the People's Republic of China (GACC) showed.
Specifically, the export volume of gasoline was at 1.03 million tonnes, down 17% month-on-month, that of gasoil was 2.15 million tonnes, down 10% from last month, and that of jet fuel was 1.31 million tonnes, down 9% from last month, according to GACC.
China Refined Oil Exports in Feb (Unit: '000 tonnes)
Product | Exports | MoM Chg | YoY Chg |
YOY Chg (January and February) |
Gasoline | 1,030 | -17% | 0% | 571% |
Gasoil | 2,150 | -10% | 990% | 2502% |
Jet Fuel | 1,310 | -9% | 96% | 789% |
Refined Oil | 4,490 | -12% | 137% | 171% |
Source: OilChem
It can be seen from the table above that although the export volume of gasoline, gasoil and jet fuel faced a month-on-month fall in February, that of gasoil and jet fuel surged by 990% and 96% year-on-year respectively.
The monthly export of gasoil accounted for the largest proportion at around 47% in January and February, as its average monthly export profit was higher than gasoline, that of jet fuel accounted for 28%-29%, and that of gasoline accounted for 22%-24%, according to OilChem.
China has released the first batch of refined oil export quotas so far, totaling 18.99 million tonnes, and actual exports of refined oil reached 9.53 million tonnes in January and February, that means 50.17% of export quotas have been completed, leaving 9.46 million tonnes of quotas to be completed, according to OilChem.
OilChem expects that refined oil exports might continue to decline in March, due to negative import profits of gasoline and gasoil.
Written by Catherine Sun, sss@oilchem.net
Edited by Navy Liu, navy@oilchem.net