(Reuters) – China’s diesel exports in September surged to their highest in more than a year while aviation fuel shipments were the most in 29 months as refiners rushed to cash in on robust export margins, data showed on Monday.
Exports of diesel fuel last month more than doubled from a year earlier to 1.73 million tonnes last month, the highest monthly rate since July 2021, according to data from the General Administration of Customs. That was up from 830,000 tonnes in August and 780,000 tonnes a year ago.
Exports of aviation fuel, including refuelling at Chinese airports for airlines plying international routes, jumped by 38.6 per cent from a year earlier to 1.23 million tonnes last month. This is the highest monthly volume since April 2020, the data showed.
Data from air traffic tracking specialist Variflight showed total passenger flight turnover last month, including departures and landings, amounted to 369,536 trips, which was 36.5 per cent lower than August and 42 per cent below September of 2021.
September gasoline exports were 660,000 tonnes, down 28.3 per cent from a year earlier and also down 41 per cent from August, the data showed.
China had maintained broad curbs on fuel exports earlier this year, resulting in total fuel exports in the first nine months of 2022 falling 28 per cent from a year earlier.
But in an about-turn in fuel trade policy, Beijing in late September released an additional large batch of 15 million tonnes of export quotas, including 13.25 million tonnes for gasoline, diesel and jet fuel, with the remainder for marine fuel.
The move was seen helping to bolster exports in the coming months and likely through March of 2023.
Data also showed liquefied natural gas (LNG) imports rebounded to 5.9 million tonnes ahead of the winter heating season, the highest monthly volume since January, though that was 11.6 per cent below the year-ago rate.
Year-to-date shipments were also down 20 per cent from the same period in 2021 at 46.51 million tonnes, with whole-year imports on track to post the first major decline since China began importing the super-chilled fuel in 2006, as COVID restrictions and high global prices blunted Chinese purchases.
Pipeline gas imports last month, on the other hand, rose 9.8 per cent from a year earlier to 4.25 million tonnes, the data showed. Year-to-date imports rose 10.5 per cent from a year earlier to 34.66 million tonnes.
Table below shows trade details, volumes in million tonnes.
Exports Sept y/y % change Jan-Sept y/y % change
Gasoline 0.66 -28 8.22 -30.3
Diesel 1.73 123 4.98 -68
Jet fuel 1.23 39 6.77 9.3
Imports Sept y/y % change Jan-Sept y/y % change
LNG 5.9 -11.6 46.5 -20
Piped gas 4.25 9.8 34.66 10.5
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