China's gasoline exports surge in November ahead of tax rebate change
BEIJING, Dec 18 (Reuters) -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 million metric tons (10.65 million barrels), 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 rebate rate 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 tons, down also from October's 480,000 tons.
Jet fuel exports fell 1% year-on-year to 1.58 million tons. That was up from 1.45 million tons 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 million tons. That was up from October's 3.96 million tons, an 18-month low.
The data also showed China imported 6.15 million tons of liquefied natural gas in November, down 8.7% from a year earlier. From January to November, LNG imports rose 10.7% to 69.61 million tons 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 million | 42.1% | 9.15 million | -20.6% |
Jet fuel | 1.58 million | -1% | 17.63 million | 23.1% |
Diesel | 400,000 | -65.9% | 7.92 million | -39.7% |
Imports | Nov | y/y % change | Jan-Nov | y/y % change |
LNG | 6.15 million | -8.7% | 69.61 million | 10.7% |
Reporting by Colleen Howe; Editing by Neil Fullick and Jamie Freed
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