*
March diesel exports up 113.8%, Q1 total up 452.1%
year-on-year
*
Jet fuel exports up 45.3%, Q1 total up 94.2%
*
Gasoline shipments down 34.0%, Q1 total down 0.5%
*
LNG imports up 16.9%, Q1 total down 4.5%
BEIJING, April 18 (Reuters) - China's diesel exports shipments surged to 1.44 million tonnes, up 113.8% in March, from 0.67 million tonnes a year ago, data from the General Administration of Customs showed on Tuesday. Jet fuel exports rose to 1.12 million tonnes, up dramatically from 0.77 million tonnes in the same period last year. However, the country's gasoline exports fell to 0.76 million tonnes from 1.16 million tonnes last year, the data showed. Total diesel exports for the first quarter were up more than 450% on the same period last year, following dramatically increased shipments over the January to February period.
Beijing issued 18.99 million tonnes of export quotas for
refined fuel in the first batch of its 2023 allocation, up 46%
from the corresponding 2022 allotment, as it aimed to ramp up
refinery output and hoped to capture stronger export margins.
Discounts on crude imported from Russia have improved
margins for Chinese refiners, helping to stimulate their export
sector as China sells fuel that other refiners steer away from. The slowdown in China's property and construction sectors
has reduced domestic demand for diesel, leading refiners to
shift their inventories overseas.
Demand for kerosene in Asia has picked up sharply as
governments, most notably China, have rolled back travel
restrictions as the pandemic recedes.
China's domestic aviation market has seen a strong uptick,
while the resumption of international flights has also pushed up
demand for refuelling airplanes at Chinese airports. Such fuel
sales are counted as exports.
Though road traffic levels have dropped since their spike
around the Chinese New Year period, resurgent domestic demand
for gasoline following the ending of COVID restrictions led
exports to fall.
Customs data also showed that China's imports of liquefied
natural gas (LNG) in March rose 16.9% to 5.36 million tonnes.
Total imports for Q1 stood at 16.43 million tonnes, down from
17.28 million tonnes in the same period last year.
Below are details of fuel exports and imports of LNG in
millions of tonnes, with percentage changes provided by customs.
Exports (mln March y/y % change Jan-Mar y/y % change
tonnes)
Gasoline 0.76 -34.0 3.03 -0.5
Diesel 1.44 113.8 5.98 452.1
Jet fuel 1.12 45.3 3.87 94.2
Import (mln March y/y % change Jan-Mar y/y % change
tonnes)
LNG 5.36 16.9 16.43 -4.5
(Reporting by Andrew Hayley; Editing by Varun H K)
