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
