China plans to export 10.75 mil mt products in Q1
Industry sources estimated that oil products exports from China in March would be 3.895 mil mt, down 16.3% on year but up 5.4% on month. Exports are expected to be 1.605 mil mt for gasoline, down 12% on year, and 2.29 mil mt for gasoil, down 19% on year. For the first quarter of this year, oil products exports from China are expected to be 10.75 mil mt, down 0.74% from the same period last year.
Considering current projections, exports in March are seen to be lower than the same period last year by more than 10% for both gasoline and gasoil. Nevertheless, exports are seen to have recovered from previous low levels caused by COVID-19. For the first quarter of 2021, oil products exports are relatively stable, aided by an increase in export room from Zhejiang Petrochemical. For the first quarter of this year, gasoline exports are seen to reach 4.835 mil mt, up 6.36% on year. Further, gas oil exports are also increasing every month. For the first quarter of 2021, the fall in gasoil exports is expected to shrink by less than 6%.