Singapore's base oil exports fell in June, GTT data show, as demand in China and India weakened. The decline mirrors the trend in South Korea, Asia's top base oils supplier.
- Exports dipped amid weakening demand from China and India, the two largest lubricant consumers in Asia.
- Chinese demand typically falls in June as severe weather conditions weigh on construction activity. Buyers also held back as prospects of an economic recovery remained uncertain. China's GDP grew by 4.7pc in the second quarter, below the government's target of 5pc for the year, according to official data. The country's economic performance continues to be plagued by weak consumption and persistent property market slump.
- Indian buying interest decreased as its monsoon season began in June, weighing on industrial and transportation activities.
- Overall southeast Asian demand held relatively stable. June volumes were down by 6pc on the month and 9pc on the year, but remained 19pc higher than the five year monthly average of 58,100t.
| Singapore's base oil exports (t) | |||||
| Jun'24 | m-o-m ± % | y-o-y ± % | Jan-Jun'24 | y-o-y ± % | |
| India | 26,432 | -40.1 | 1.1 | 202,105 | 37.2 |
| China | 21,288 | -50.9 | -35.2 | 209,923 | -23.2 |
| Indonesia | 31,619 | -12.0 | -5.2 | 188,899 | 1.0 |
| Malaysia | 13,598 | -1.1 | -15.6 | 77,234 | 12.8 |
| Total | 140,549 | -24.9 | -19.6 | 962,528 | -4.9 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
