Indonesia’s base oils imports rose in October to their highest in more than four years as strong economic growth supported rising lube consumption.Base oils imports of 57,300t in October rose from an already-high 56,400t the previous month and by 20pc from year-earlier levels, government data showed.The rise in shipments lifted total imports to 464,000t in the first ten months of the year.The volume rose by 10pc from 420,100t during the same period last year to the highest in at least five years.Rising imports coincided with a sustained slump in Indonesia’s Group I base oils exports for more than a year as strong domestic consumption curbed availability of surplus volumes.Domestic lube consumption got support from strong economic growth that is expected to continue through next year.The higher imports reflected a sustained surge in shipments from Singapore.Imports of 42,000t from the island-state in October rose from more than 37,500t the previous month and from typical levels of around 23,000 t/month in 2022. .Indonesia Oct Grp III exports stay lower
Indonesia’s base oils imports rose in October to their highest in more than four years as strong economic growth supported rising lube consumption.Base oils imports of 57,300t in October rose from an already-high 56,400t the previous month and by 20pc from year-earlier levels, government data showed.The rise in shipments lifted total imports to 464,000t in the first ten months of the year.The volume rose by 10pc from 420,100t during the same period last year to the highest in at least five years.Rising imports coincided with a sustained slump in Indonesia’s Group I base oils exports for more than a year as strong domestic consumption curbed availability of surplus volumes.Domestic lube consumption got support from strong economic growth that is expected to continue through next year.The higher imports reflected a sustained surge in shipments from Singapore.Imports of 42,000t from the island-state in October rose from more than 37,500t the previous month and from typical levels of around 23,000 t/month in 2022. .Indonesia Oct Grp III exports stay lower