BEIJING: China’s fuel oil imports recovered in June after a slump in May, while bunker fuel oil exports also climbed from the previous month, customs data shows yesterday
Fuel oil imports in June totalled approximately 1.4 million tonnes, or about 295,708 barrels per day, up 7% from May but down 6% from the same month a year earlier.
Import volumes rebounded after China’s Shandong provincial government raised fuel oil import tax rebates for some independent refineries.
Demand for refinery feedstock had tapered off earlier in the year after China raised import tariffs and reduced tax rebates on fuel oil shipments.
Total imports from January to June slid 19.8% year-on-year to 9.75 million tonnes.
Meanwhile, exports of low-sulphur marine fuels totalled 2.32 million tonnes, up 88% from May and climbing 46% compared to the same month last year.
A table shows China’s fuel oil exports and imports in metric tonnes.
The exports section largely captures low-sulphur oil-bunkering sales along China’s coast.
The import volumes include purchases under ordinary trade, which are subject to import duties and consumption tax, as well as imports into bonded storage. — Reuters
