China’s gasoline exports to Mexico continues to grow in May
Just like in April, Mexico has emerged the destination with the second highest volume of China’s gasoline exports in May, detailed data released by the General Administration of Customs showed late Tuesday.
Mexico was also the only direct recipient, outside of Asia, with some 174,000 mt of gasoline having arrived in May.
Exports to Mexico grew 1.4% month on month in May, but was almost four times higher from 35,000 mt a year ago.
China’s state-owned oil companies Sinochem and PetroChina have been exploring the Mexican market, with some term contracts in place, according to industry sources.
Over January-May, China’s total exports to Mexico more than doubled to 447,000 mt, from 213,000 mt during the same period a year ago, making it the second top destination behind Singapore.
However, exports to Singapore have dropped 7.1% year on year over the first five months of this year, and by 35% month on month in May.
On the other hand, China’s gasoline exports to Thailand increased to 38,000 mt in May, from scratch in the previous month, due mainly to refinery turnarounds in the country.
Meanwhile, around 18,000 mt of gasoline had also landed in Hong Kong last month, a rare export to the territory from China’s mainland. However, market sources revealed that demand from the city was relatively stable for the time being.
In May, China’s gasoline export fell 27.8% month on month from April to 848,000 mt, a second consecutive monthly drop after hitting a year high of 1.69 million mt in March.
Over January-May, China exported a total of 5.78 million mt of gasoline, down 7.5% year on year.
Total outflows to Mexico and Nigeria — the two only countries outside Asia and Oceania — reached a combined 550,000 mt over the period, or 9.5% of overall exports, which is up from 3.4% last year.
Overtaking the traditional top destination of Singapore is Hong Kong, which received the most gasoil outflows from China in May, at around 443,000 mt, though still down 8.0% month on month.
On the contrary, China’s gasoil exports to Singapore slumped 89.5% month on month to an eight-month low of just 56,000 mt last month.
Nevertheless, Singapore was still the top receiver of China’s gasoil outflows over the first five months of the year at 2 million mt, down 1.4% year on year.
Hong Kong has been closely catching up with around 1.85 million mt over January-May, up 42.5% year on year.
In May, China’s gasoil exports dropped 52.2% month on month to around 1.245 million mt, also down 37.8% year on year.
China’s total gasoil exports over January-May grew 16.2% year on year to 9.9 million mt.