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China Jet Fuel Exports Boosted by Recovering International Travel

OIL PRODUCTS

China's jet fuel exports in March were 77.4% higher year on year at 1.98m metric tons according to General Administration of Customs data as international flight volumes ramped up.

  • Demand is boosted by the recovery in domestic travel while international flight volumes are expected to reach 80% of pre-pandemic levels by the end of 2024 according to Reuters citing China's aviation regulator.
  • Diesel exports are supported by tepid domestic fuel demand amid a slowdown in the property sector and infrastructure construction. Overseas diesel shipments however fell marginally by 1.7% to 1.42m metric tons in March.
  • Gasoline exports increased 50.9% y/y to 1.15m tons in March but were down 10.2% y/y in Q1.
  • Refinery runs increased on the month to 15.02mb/d in March.

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