China’s exports of very-low-sulfur marine fuel rebounded 13.22 percent in July versus June as the country’s merchandise exports recovered, but still stood nearly 9.69 percent below the year-ago level, customs data showed on Saturday, reports Arab News.
On a faster pace
Exports of very-low-sulfur fuel oil, measured mostly by sales from China’s bonded storage for vessels plying international routes, were 1.60 million tons, data from the General Administration of Customs showed.
That compared to 1.408 million tons in June and 1.766 million tons a year before. China’s merchandise exports in July grew 18 percent on the year in the fastest pace this year, an encouraging boost to the economy as its struggles to recover from a COVID-induced slump, but weakening global demand could start to drag on shipments in coming months.
Foreign trade container throughput at eight major Chinese ports rose 14.5 percent in July, speeding up from the 8.4 percent growth in June, according to data from China’s port association.
But strict COVID-19 measures and rare heat waves in eastern and southern provinces, where the country’s main export hubs are located, crimped factory output, thus constraining shipments.
Weaker-than-expected growth in merchandise imports, up only 2.3 percent on the year, also capped further growth for the marine fuel. VLSFO exports for the January-July period reached 10.69 million tons, down from 11.52 million tons in same period of last year.
Fuel oil imports into bonded storage, including both high-sulfur and low-sulfur products, fell nearly 57.96 percent on the year to 0.31 million tons.
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Source: Arab News
