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China’s July marine fuel exports up 13.22% from June

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China’s exports of very-low-sulfur

marine fuel rebounded 13.22% in July versus June as the

country’s merchandise exports recovered, but still stood nearly

9.69% below the year-ago level, customs data showed on Saturday.

Exports of very-low-sulfur fuel oil (VLSFO), measured

mostly by sales from China’s bonded storage for vessels plying

international routes, were 1.60 million tonnes, data from the

General Administration of Customs showed.

That compared to 1.408 million tonnes in June and 1.766

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million tonnes a year before.

China’s merchandise exports in July grew 18% on the year in

the fastest pace this year, an encouraging boost to the economy

as its struggles to recover from a COVID-induced slump, but

weakening global demand could start to drag on shipments in

coming months.

Foreign trade container throughput at eight major Chinese

ports rose 14.5% in July, speeding up from the 8.4% growth in

June, according to data from China’s port association.

But strict COVID measures and rare heatwaves in eastern and

southern provinces, where the country’s main export hubs are

located, crimped factory output, thus constraining shipments.

Weaker-than-expected growth in merchandise imports, up only

2.3% on the year, also capped further growth for the marine

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fuel.

VLSFO exports for the January-July period reached 10.69

million tonnes, down from 11.52 million tonnes in the same

period of last year.

Fuel oil imports into bonded storage, including both

high-sulfur and low-sulfur products, fell nearly 57.96% on the

year to 0.31 million tonnes.

The table below shows China’s fuel oil imports and exports,

all in metric tonnes.

The column of exports under bonded storage trade largely

captures China’s low-sulfur oil bunkering sales along its

coast.

Exports Bonded y/y pct

storage change

trade

January 2,329,677 40

February 1,314,684 -3.8

March 1,418,758 -15.5

April 1,217,794 -35.7

May 1,404,540 -9.4

June 1,408,737 -15

July 1,595,021 -9.69

Imports Ordinary Bonded Total y/y pct

Trade storage trade change

January 202,456 620,707 823,163 7.2

February 317,825 547,894 865,720 -11.1

March 415,471 560,420 975,892 4.2

April 360,049 346,856 706,906 -20.4

May 531,450 500,452 1,031,902 -2.6

June 191,636 636,042 827,678 -17

July 432,050 307,723 739,773 -45.95

(Reporting by Beijing newsroom; Editing by Sam Holmes)



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