Indonesia’s base oil imports fell in May to a nine-month low, mirroring a similar seasonal slowdown in the country’s automobile sales.Even with the slowdown in shipments, import volumes remained higher than usual.Total base oil imports of 32,720t in May fell from 40,030t the previous month and more than 53,000t in March, government data showed. The volume was the lowest since August 2021..Even with the recent slowdown, total imports of 200,120t in the first five months of the year were up 32pc from 151,300t during the same period last year.The sustained rise in demand since last September mirrored a similar trend throughout southeast Asia. The pick-up in consumption was timely for regional producers when Chinese demand has been unexpectedly weak because of pandemic-related lockdowns in the country.Indonesian base oil demand is likely to remain firm over the coming months to support strong economic growth forecast for the rest of the year.The slowdown in base oil imports in May coincided with plant maintenance work in South Korea from second-half April. Base oil exports from domestic sources in Singapore also fell sharply in May.South Korea and Singapore are the sources for most of Indonesia’s base oil imports.The slowdown in base oil imports also coincided with weaker automobile sales in Indonesia in May. These fell for the first time in more than a year to their lowest since the beginning of 2021. The contraction was expected to be temporary and reflected more the impact of Eid holidays at the start of May..Indonesia’s April base oil imports slip
