Fourth-quarter imports rise after two straight quarters of declinesThailand strengthens its position as the largest supplier in 2025, with Singapore emerging as the second-largestYear-end import surges in the Philippines and Vietnam help Asia refiners reduce surplus heading into 2026.The Philippines’ base oils and lubricants imports rebounded in December, climbing to a six-month high and mirroring a similar jump in year-end inflows in other regional markets like Vietnam..Vietnam’s December Base Oils Imports Rise to Two-Year High.Total base oils and lubricants imports rose to 19,000 tonnes in December, up from less than 11,000 tonnes in November and 40% higher year on year, Philippine Statistics Authority data showed.The year-on-year increase was the second in three months and followed a prolonged downturn that saw shipments fall for seven straight months to September..Key Highlights· Fourth-quarter base oils and lubricants imports rose by 11% year on year, ending two straight quarters of falling inflows and signalling a tentative recovery in downstream demand. .· Fourth-quarter imports from South Korea fell year on year, contrasting with higher flows from Singapore and Thailand, as rising regional supply boosts competition between refiners..S Korea’s December Base Oils Exports Rise on Strong Asia Demand .· Total full-year imports fell to 189,000 tonnes, down 2% from 2024’s five-year high.· Thailand remained the Philippines’ largest overseas supplier in 2025, with its share of total imports rising to 39%.· Singapore’s share held steady and overtook South Korea for the first time in three years..Market RepercussionsThe recovery in the Philippines’ base oils and lube imports in December and the fourth quarter preceded a rebound in the country’s manufacturing PMI, which rose to a nine-month high in January.The improvements contrasted with unexpectedly weak GDP growth in the fourth quarter of last year.The upswing in Philippine inflows also coincided with a similar late-2025 surge in base oils and lubricants shipments to Vietnam.The pick-up in flows helped Asia’s base oils refiners clear surplus supplies in the fourth quarter, limiting the size of an overhang carried into early 2026.
