Chile’s December base oil imports rise

Chile’s base oil imports edged up in December from the previous month amid a pick-up in shipments from the US and South Korea.

The monthly volume in December was lower than usual. But the total volume of imports in the third and fourth quarters were the highest quarterly volumes in at least three years.

Imports of 6,760t in December rose from 4,920t the previous month, customs data showed. Imports of 53,100t in the second half of the year rose from 47,750t during the first six months of 2021.

Total imports of more than 100,000t in 2021 were also up from around 85,000t the previous year. They were also higher than import levels in 2019.

Chile’s imports of lubricants also rose in 2021 from the previous year and from 2019.

The pick-up in base oil and lube supplies in 2021 mirrored a similar rebound in lube consumption last year in other regional markets like Brazil and Argentina.

The rise in supplies coincided with a strong rebound in Chile’s automobile sales and economic growth over the past year.

Like other countries, Chile’s automobile sales had fallen in 2020 as measures to manage the Covid-19 pandemic slashed economic activity. But Chile’s auto sales had already been falling throughout most of 2019.

Industrial activity also extended a rebound throughout most of last year, including the second half of the year.