Singapore exported more base oils to India than to China in July for the first time in more than two years and for only the second time in at least five years.The island-state’s base oils exports to southeast Asia also rose in July to the highest in more than five years.Shipments to India and southeast Asia rose even as Singapore’s total base oils exports remained unusually low.The trend highlighted the structural shift away from China and towards the fast-growing economies of southeast Asia and India.Singapore’s base oils exports of 30,190t to India in July edged down from 31,340t the previous month. They were still the third highest in almost two years..India has continued to import growing volumes of light and heavy-grade base oils from Singapore to help meet a sustained rise in the country’s lube consumption.Its Group II base oils imports rose in July to a seven-month high, even amid a seasonal slowdown in lube demand during the monsoon season..India's July Group II base oils imports rise.Singapore’s base oils exports to southeast Asia rose even more strongly.Shipments of 75,320t in July to markets like Indonesia and Vietnam were the highest in more than five years.Exports to the region accounted for some 39pc of Singapore’s total shipments in the first seven months of the year. The share was up from 31pc during the same period in 2021 and from 24pc in all of 2020.Exports have risen to meet strong demand that has gathered pace this year following the gradual withdrawal of pandemic-related restrictions.Singapore’s firm export volumes to India and southeast Asia contrasted with a sustained slide in its shipments to China. Exports of 23,760t to China in July were the lowest in 28 months.Exports fell in response to a slump in Chinese lube demand. Consumption fell as lockdowns slashed economic activity and growth. Low domestic Chinese prices compounded the weak demand for overseas supplies by keeping the arbitrage shut..Singapore July base oils exports fall
Singapore exported more base oils to India than to China in July for the first time in more than two years and for only the second time in at least five years.The island-state’s base oils exports to southeast Asia also rose in July to the highest in more than five years.Shipments to India and southeast Asia rose even as Singapore’s total base oils exports remained unusually low.The trend highlighted the structural shift away from China and towards the fast-growing economies of southeast Asia and India.Singapore’s base oils exports of 30,190t to India in July edged down from 31,340t the previous month. They were still the third highest in almost two years..India has continued to import growing volumes of light and heavy-grade base oils from Singapore to help meet a sustained rise in the country’s lube consumption.Its Group II base oils imports rose in July to a seven-month high, even amid a seasonal slowdown in lube demand during the monsoon season..India's July Group II base oils imports rise.Singapore’s base oils exports to southeast Asia rose even more strongly.Shipments of 75,320t in July to markets like Indonesia and Vietnam were the highest in more than five years.Exports to the region accounted for some 39pc of Singapore’s total shipments in the first seven months of the year. The share was up from 31pc during the same period in 2021 and from 24pc in all of 2020.Exports have risen to meet strong demand that has gathered pace this year following the gradual withdrawal of pandemic-related restrictions.Singapore’s firm export volumes to India and southeast Asia contrasted with a sustained slide in its shipments to China. Exports of 23,760t to China in July were the lowest in 28 months.Exports fell in response to a slump in Chinese lube demand. Consumption fell as lockdowns slashed economic activity and growth. Low domestic Chinese prices compounded the weak demand for overseas supplies by keeping the arbitrage shut..Singapore July base oils exports fall
