Spore’s June exports fall to China, rise to India

Singapore’s base oils exports to China fell to a seven-month low in June amid an increasingly muted recovery in lube demand in the northeast Asian country.

Exports to India by contrast rose to a three-month high even as the country took delivery of a swathe of arbitrage shipments from other markets.

Singapore’s base oils exports of 32,830t to China in June fell from 41,000t the previous month to the lowest since last November.

Base oils exports of 26,140t to India in June rose from 14,670t the previous month and from typical levels of less than 24,000 t/month over the past year.

Even with the recovery in shipments to India, total exports of almost 59,000t to China and India combined in June lagged its exports to southeast Asia for a second month.

Exports to the two countries had lagged exports to southeast Asia five times in the five years to end-2021.

Exports to the two countries lagged exports to southeast Asia eight times in 2022 and three times so far this year.