Last month, gasoline exports in China had jumped to their second-highest monthly level on record as global oil suppliers are turning to Asian markets to eliminate a domestic supply glut.
Specifically, gasoline exports increased 77% to 1.06 million tons compared with the same month last year. According to the General Administration of Customs of the People’s Republic of China (GACC), it was just short of the monthly record of 1.1 million tons set in June 2016. On a similar note, diesel and liquefied natural gas exports also increased 67% and 29%, respectively.
These significant increases in refined fuel products indicate a persistent excess in the domestic market as local refiners maintain a record pace of buying crude oil and a higher pace of their operations.
On the other hand, gasoline imports in the said month tumbled 94% compared to the same period last year to just 7,245 tons. The same goes to diesel imports, which dropped 52% to 50,000 tons.