Peru’s February base oil imports mixed

Peru’s base oil imports rose in February from the previous month, contrasting with a slide in shipments in other Latin American markets like Brazil and Argentina.

But imports slowed from year-earlier levels for the fifth time in six months, mirroring that more widespread slowdown throughout the region.

Imports of 8,320 kilolitres (7,370t) in February rose from 4,920kl the previous month, customs data showed. But imports of more than 13,250kl in the first two months of the year were 33pc lower than during the same period last year.

Peru’s base oil imports had risen in 2021 from the previous year amid a strong rebound in economic growth.

Like other countries in the region, Peru’s economy is forecast to grow at a much slower pace this year. Industrial production already edged lower at the start of the year.

The relative slowdown in base oil shipments at the start of the year was also similar to other markets in the region.

Almost all the February shipments originated from the US.

Peru also typically imports a small volume of supplies from South Korea each month. But there were no shipments from that market in February for the first time in 11 months.

The pause in shipments coincided with a drop in base oil exports from South Korea in recent months.