China's gasoline exports surge in November ahead of tax rebate change
China's gasoline exports rebounded in November to the highest level since August 2023, customs data showed on Wednesday, as exporters rushed to sell products before a cut in tax rebates came into effect this month.
November gasoline exports rose 42.1% on the year to 1.26 MM tonnes (t) (10.65 MMbbl), according to data from the General Administration of Customs, bouncing off a six-month low in October of 670,000 tons.
The government said in mid-November it would reduce the export tax rebaterate for a range of goods, including some refined oil products, from 13% to 9%, from December. That would cut export margins by 200–300 yuan ($27.51–$41.27) per ton, a state oil official said.
As a result, gasoline exports are expected to decline in December compared with November.
November exports of diesel fell 65.9% year-on-year to 400,000 t, down also from October's 480,000 t.
Jet fuel exports fell 1% year-on-year to 1.58 MMt. That was up from 1.45 MMt in October, a nine-month low.
China's total refined fuel exports in November - including gasoline, diesel, jet fuel and marine fuel - rose 2.8% on the year to 5.23 MMt. That was up from October's 3.96 MMt, an 18-month low.
The data also showed China imported 6.15 MMt of liquefied natural gas (LNG) in November, down 8.7% from a year earlier. From January to November, LNG imports rose 10.7% to 69.61 MMt from the same period in 2023.
Below are details of the fuel exports and LNG imports, with volumes in metric tons.
|
Exports |
Nov |
y/y % change |
Jan–Nov |
y/y % change |
|
Gasoline |
1.26 MM |
42.1% |
9.15 MM |
–20.6% |
|
Jet fuel |
1.58 MM |
–1% |
17.63 MM |
23.1% |
|
Diesel |
400,000 |
–65.9% |
7.92 MM |
–39.7% |
|
Imports |
Nov |
y/y % change |
Jan-Nov |
y/y % change |
|
LNG |
6.15 MM |
–8.7% |
69.61 MM |
10.7% |
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