Thailand's base oil imports remained stable in May, as firm Asian demand and rising spot prices countered a slowdown in Thailand's economy.
- The Thai economy expanded at a slower rate in May compared to April, because of lower exports, manufacturing output and private investment, according to Thailand's central bank.
- Thailand mainly sought premium-grade imports, with South Korea supplying half of total Thai imports, Singapore contributing 35pc and Qatar 10pc. Thailand only produces Group I base oils.
- Imports from South Korea increased compared to April, following a maintenance at a major South Korean Group III refinery that lasted 1½ months and was completed in late April. But May imports remained below the five-year monthly average of 18,000 kilolitres (15,800t).
- Regional demand was firm on the back of rising spot prices. The Argus-assessed Asian fob export prices for Group II N150 and N500 rose for four consecutive months to $880/t and $980/t respectively in May. Prices for N150 reached a six-month high, while N500 hit a 20-month high because of tight regional supplies for heavy grades.
| Thailand's base oil imports | kl | ||||
| May'24 | Apr'24 | May'23 | m-o-m ± % | y-o-y ± % | |
| South Korea | 13,474.4 | 11,397.2 | 8,065.3 | 18.2 | 67.1 |
| Singapore | 9,417.5 | 9,461.3 | 5,480.2 | -0.5 | 71.8 |
| Qatar | 2,728.1 | 2,807.7 | 1,689.1 | -2.8 | 61.5 |
| Japan | 778.9 | 2,389.8 | 85 | -67.4 | 816.3 |
| Total | 26,822.6 | 26,427 | 16,463.7 | 1.5 | 62.9 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
