Chinese exports of clean marine fuel fell 21% in August compared to the previous month - customs

Chinese exports of clean marine fuel fell 21% in August compared to the previous month – customs

Oil and gas tanks at an oil storage facility in the port of Zhuhai, China, October 22, 2018. REUTERS/Aly Song/File Photo

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Sep 20 (Reuters) – China’s exports of very low sulfur marine fuel fell 21.34% in August from July amid subdued international activity in the country’s ports, official data showed on Tuesday.

Fuel exports were 85.24% lower than last year.

China exported 1.94 million tons of very low sulfur fuel oil (VLSFO) in August, mostly through customs storage sales for international ships, according to the General Administration of Customs.

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This is up from 1.60 million tons in July and 1.59 million tons a year earlier. Since the beginning of the year, exports amounted to 12.62 million tons, which is 3.74% less than a year earlier.

Data on total merchandise exports and imports, as well as container traffic, show that international shipping activity in Chinese ports, and therefore the ability to ship VLSFO to foreign ships, was weak in August.

Exports of goods in August grew by 7.1% compared to last year, but this is compared with the annual increase in July by 18%. Rising inflation overseas has reduced demand for Chinese goods, and new COVID restrictions and heatwaves have disrupted production and distribution in China. read more

The slowdown in merchandise import growth last month, down only 0.3% year-on-year from 2.3% in July, also limited marine fuel exports.

According to data from the China Ports Association, container throughput for international trade at eight major Chinese ports rose 0.1% in August from a year earlier, compared with an annual increase of 14.5% in July and 4.9% in August 2021.

Imports of fuel oil into bonded storage, including both high and low sulfur products, decreased by 64.18% compared to the previous year and amounted to 0.67 million tons.

The table below shows China’s imports and exports of fuel oil in metric tons.

The export column of the bonded vault trade largely reflects China’s sales of sweet oil bunkers along its coast.

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Reporting of the China Commodities and Energy group; Editing by Rashmi Aich

Our standards: Thomson Reuters Trust Principles.

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