China's Nov gasoline exports rise to record

China's Nov gasoline exports rise to record

Representative image. (Reuters photo)

China's gasoline exports in November nearly tripled from a year ago to an all-time high, as refiners processed crude at near-record rates to take advantage of sturdy profit margins at home although domestic demand for the motor fuel remained sluggish.

Gasoline shipments were 1.84 million tonnes last month, data from the General Administration of Customs showed on Monday. That compares to the previous record at 1.73 million tonnes in October and 630,000 tonnes in November 2018.

Diesel exports climbed to 2.21 million tonnes, up from 1.19 million tonnes in October and nearly 80% higher than a year earlier. China's crude oil throughput in November rose 10.1% from a year earlier to the second-highest level on record, as refineries in the world's no. 2 oil consumer ramped up production to cash in steady profit margins.

The growth in exports comes as domestic gasoline demand slips due to an extended slowdown in new car sales. Diesel consumption, on the other hand, has received stronger-than-expected support from the mining and construction sectors.

Jet kerosene exports rose to 1.62 million tonnes in November from 1.58 million tonnes the previous month and 1.54 million tonnes in the same month last year.

Meanwhile, imports of liquefied natural gas rose to the second-highest monthly level on record, up 9.4% on the year at 6.51 million tonnes. Imports were 4.04 million tonnes in October. Below is the latest customs data on fuel exports in millions of tonnes and imports of liquefied natural gas, or LNG, in millions of tonnes. Exports Products Nov y/y % Jan-Nov y/y % change change Gasoline 1.84 189.9 14.64 26.2 Diesel 2.21 79.4 19.75 16.4 Jet fuel 1.62 5.5 15.71 19.6 Imports LNG 6.51 9.4 53.85 13.4