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Singapore’s weekly base oils exports fell to a one-month low, including the first pause in shipments to China in six months
Four-week imports surged to a seven-month high as arrivals from China and Hong Kong climbed to record levels
Shifting regional trade flows pointed to firmer Chinese supply, while balances tightened elsewhere in Asia
Singapore’s base oils exports rose in the four weeks to 6 May, but shipments slowed in the latest week as exports to China paused for the first time in six months amid shifting regional trade flows.
The slowdown in exports contrasted with a marked rise in imports to a seven-month high, driven by a surge in arrivals from China and Hong Kong.
Total exports rose to more than 190,000 tonnes, up from around 181,000 tonnes the previous week and the highest since mid-March, Enterprise Singapore data showed.
Imports rose to more than 85,000 tonnes, rebounding from a multi-year-low of around 26,000 tonnes in early April to the highest since September 2025.
The moderation in export growth coincided with expected adjustments to refinery operations in response to lower run rates and feedstock supply disruptions, while stronger imports helped offset any further slowdown.
Key Highlights
· Weekly exports fell to a one-month low after a sharp pick-up in shipments during the previous three weeks.
· Four-week exports to India rose to the highest in more than six months, exceeding flows to China by the largest volume in almost five months.
· Four-week exports to Southeast Asia extended their rise, holding well above typical levels over the past year.
· Imports from China and Hong Kong combined rose to a record high, contrasting with limited flows through most of 2024 and 2025.
Market Repercussions
The slowdown in Singapore’s exports to China contrasted with a surge in shipments from China and Hong Kong to the island-state, pointing to a shift in intra-Asia trade flows.
The diverging flows followed a surge in China’s base oils supply in the first quarter, with availability holding firm at the start of the second quarter.
China’s stronger supply position and rising self-sufficiency, alongside tightening availability in other regional markets, provided an opportunity for the country to cover part of the regional shortfall through higher exports.
