WPB: China’s gasoline exports in February fell to their lowest level since August 2012 due to reduced refinery production and lower profit margins.
Data from China’s General Administration of Customs showed that gasoline exports saw the steepest decline, dropping 73% year-on-year to 200,000 tons (1.69 million barrels) in February. Diesel and jet fuel exports also weakened during the same period.
Emma Li, a senior market analyst at Vortexa, stated that China’s gasoline exports in February were constrained by lower production, particularly from private refineries, as well as strong domestic demand during the Chinese New Year travel season. Weak Asian profit margins, an export tax imposed in January, and limited export quotas further restricted any potential increase in exports.
Gasoline exports in January and February totaled 700,000 tons, marking a 56% decline compared to the same period last year. Diesel exports in the first two months of this year fell 42% year-on-year to 710,000 tons, while jet fuel exports dropped 5% to 2.67 million tons.
According to a Reuters report, total exports of China’s refined petroleum products—including diesel, gasoline, jet fuel, and marine fuel—declined 18% year-on-year to 7.21 million tons. The data also revealed that China’s liquefied natural gas (LNG) imports fell 19% annually to 10.6 million tons in January and February.
By WPB
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