Chinese Refined Product Exports Slump

China's gasoil, gasoline and jet fuel exports over January-April collectively dropped to 8.59 million mt, down 51.7% from a year earlier according to General Administration of Customs data out today.

• Tighter export quotas imposed by the Chinese government means exports are expected to remain low in the months ahead. New export quotas will be issued in June.
• Chinese gasoil exports were 530,000 mt in April, 80.6% lower than a year prior and 21.2% down versus March.
• Gasoline exports dropped to 980,000 mt in April, 33.4% down versus a year prior and 15.4% down on March.
• Jet fuel exports were the only one of the three that rose in April at 960,000 mt, 46.4% higher than a year prior and 25.2% higher than March. Chinese flight activity has slumped since lockdowns were imposed.