Key Takeaways
- China's exports of refined oil products in August increased by 12.7% year-on-year.
- Jet fuel exports reached a record high of 2.55 million tons in August.
- Diesel exports saw a significant rise of 42.1% year-on-year in August.
China's exports of refined oil products in August rose by 12.7% year-on-year, according to customs data. This increase comes amid the ongoing Iran war, which has affected global oil supplies.
The data showed that jet fuel exports hit a monthly record of 2.55 million tons in August, marking a 41.4% year-on-year increase.
Diesel exports also saw a notable rise, increasing by 42.1% year-on-year to 1.33 million tons in August, the highest since March 2024.
In the first eight months of the year, China exported 34.24 million tons of refined oil products, down 9.6% year-on-year. Jet fuel exports were down 14.4% year-on-year at 11.76 million tons during the same period.
Diesel exports were up 5.9% year-on-year at 4.84 million tons in the first eight months, while gasoline exports stood at 700,000 tons in August, down 17.5% year-on-year but the highest since October last year.
From January to August, China exported 2.42 million tons of gasoline, down 57.4% from the same period last year. The data also indicated a 17.8% year-on-year decrease in LNG imports to 5.16 million tons in August.
China's fuel exports are expected to continue to ease export controls in September, allowing it to profit from higher overseas margins. The easing of restrictions is aimed at safeguarding domestic supplies amid risks from the Middle East.
Despite the increase in exports, the overall trend in refined oil product exports for the first eight months of the year shows a decline. This suggests that the easing of export controls may not fully offset the year-on-year decrease.
