Singapore’s base oils exports fell to an eight-month low in December amid a slowdown in shipments to India and Australia.The island-state’s imports fell to a twenty-three-month low amid a slump in shipments from sources that had previously been regular suppliers.Exports already showed signs of reviving in January and helping to meet a seasonal pick-up in demand in markets like China.Imports showed signs of staying unusually low. The slowdown raised the prospect of adding to tight availability of Group I base oils in the Asia-Pacific region.Singapore’s base oils exports of 147,000t in December fell from close to 166,000t the previous month, government data showed.Even with the slowdown, total exports of 2.0mn t in 2023 were up 5pc from 1.90mn t the previous year.The volume was similar to levels in 2020 and 2021 but still down more than 36pc from around 3.20mn t in 2019.The slowdown in shipments from Singapore coincided with lower-than-usual exports from Taiwan in December.The lower volumes curbed the size of any build-up of surplus supplies in the Asia-Pacific region at year-end and at the start of the new year, when demand faces a seasonal slowdown.Singapore’s base oils imports of around 38,000t in December fell from an already-low 45,000t the previous month to the lowest since early 2022.Imports slumped because of a simultaneous pause in cargo shipments from Japan and China. The two markets had been key sources of supplies for Singapore throughout the previous two years.The arrival of a large Group I cargo from Italy in December cushioned the fall in supplies..Spore’s exports fall in week to Jan 17.Spore’s exports rise in week to Jan 10
Singapore’s base oils exports fell to an eight-month low in December amid a slowdown in shipments to India and Australia.The island-state’s imports fell to a twenty-three-month low amid a slump in shipments from sources that had previously been regular suppliers.Exports already showed signs of reviving in January and helping to meet a seasonal pick-up in demand in markets like China.Imports showed signs of staying unusually low. The slowdown raised the prospect of adding to tight availability of Group I base oils in the Asia-Pacific region.Singapore’s base oils exports of 147,000t in December fell from close to 166,000t the previous month, government data showed.Even with the slowdown, total exports of 2.0mn t in 2023 were up 5pc from 1.90mn t the previous year.The volume was similar to levels in 2020 and 2021 but still down more than 36pc from around 3.20mn t in 2019.The slowdown in shipments from Singapore coincided with lower-than-usual exports from Taiwan in December.The lower volumes curbed the size of any build-up of surplus supplies in the Asia-Pacific region at year-end and at the start of the new year, when demand faces a seasonal slowdown.Singapore’s base oils imports of around 38,000t in December fell from an already-low 45,000t the previous month to the lowest since early 2022.Imports slumped because of a simultaneous pause in cargo shipments from Japan and China. The two markets had been key sources of supplies for Singapore throughout the previous two years.The arrival of a large Group I cargo from Italy in December cushioned the fall in supplies..Spore’s exports fall in week to Jan 17.Spore’s exports rise in week to Jan 10
