China’s May gasoline exports fall 28%, gasoil drops 52% on month
China’s May gasoline exports fell by 27.6% on the month to around 850,000 mt, from 1.17 million mt in April, latest data released late Monday by the General Administration of Customs showed. Gasoil exports also dropped.
The decline in gasoline exports was also a second monthly consecutive drop from a 13-month high of 1.69 million mt in March. The country’s gasoil exports almost halved on the month to around 1.24 million mt in May, from 2.6 million mt exported in April.
China’s gasoil and gasoline exports both reached their highs in March, with gasoil hitting a high of 2.71 million mt in the same month.
The lower exports for both gasoline and gasoil could largely be attributed to the late allocation of the second batch oil product export quotas, since most refineries have almost used up the quotas for the first batch in end-April, according to sources.
China’s Ministry of Commerce only in mid-May allocated the much-expected second batch of oil product export quotas under the general trade route for 2019, totaling 23.79 million mt, to five state-owned oil companies, and an additional 4.71 million mt quotas under the processing trade route were allocated about a week later to four state-owned oil companies.
On a year-on-year basis, May’s gasoline exports were down 42.4% from 1.475 million mt exported in May 2018. While the gasoil export volumes were the lowest in six months, even lower than a 12-month average of 1.66 million mt over June 2018-May 2019.
Over the first half of 2019, China’s gasoline exports were down 7.5% on year at 5.78 million mt, while gasoil exports rose 16.2% on the year to around 9.91 million mt, GAC data showed.