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China’s August gasoline exports nearly double from a year ago – rdspinvestments

China’s August gasoline exports nearly double from a year ago

China's August gasoline exports nearly double from a year ago© Reuters. FILE PHOTO: An employee fills a vehicle at a gas station in Nanjing, Jiangsu province March 25, 2009. REUTERS/Sean Yong

BEIJING (Reuters) – China’s August gasoline exports rose 97.4% from a year earlier, customs data showed on Sunday, as refiners took advantage of fresh export quotas amid faltering domestic demand.

Gasoline shipments were at 1.12 million tonnes last month, while volumes for the January to August period were 30.4% lower than the corresponding period last year, according to data from the General Administration of Customs.

Diesel exports were at 830,000 tonnes, up 51.8% from August 2021, on healthy export margins. Exports for the January to August period totaled 3.25 million tonnes, down 78.3% on the same period last year.

Exports of jet fuel in August declined 15.4% from the same period last year to 780,000 tonnes. However, year-to-date shipments were 4.4% higher than the year before at 5.54 million tonnes.

Analysts and traders had expected China’s exports of gasoline, diesel and jet fuel to rebound in August to near the highest for the year after Beijing issued more export quotas in June and July.

China topped up with a fourth batch of export quotas of 1.5 million tonnes for this year, taking the total so far this year to 24 million tonnes, still a third lower than 2021.

The customs data also showed that China’s liquefied (LNG) imports in August fell 28.1% from a year earlier to 4.72 million tonnes. Shipments during the first eight months of the year were also down 21.3% from the same time a year ago at 40.64 million tonnes amid high spot prices of the super-chilled fuel.

Pipeline gas imports last month rose 9% on-year to 4.13 million tonnes, the data also showed. Year-to-date import volumes were up 10.6% from a year earlier to 30.40 million tonnes.

Table below shows trade details, volumes in million tonnes.

Exports August y/y % change Jan-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 Jan-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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