KEY POINTS
- China’s refined product exports rose 12.7 percent year-on-year in August to 6.01 million tons, after Beijing began easing March export curbs.
- Jet fuel exports jumped 41.4 percent to a record 2.55 million tons and diesel rose 42.1 percent, though gasoline fell 17.5 percent.
- LNG imports dropped 17.8 percent in August to 5.16 million tons, signalling softer domestic energy demand.
China’s refined oil product exports rose 12.7 percent year-on-year in August, topping levels seen before the Iran war, with jet fuel shipments hitting a record high, customs data showed.
The rebound follows a policy shift in Beijing. Specifically, China, a key Asian exporter of refined products, restricted exports of diesel, gasoline and jet fuel in mid-March to protect domestic supplies as Middle East risks mounted. However, it began easing those curbs in mid-July and is expected to loosen them further in September, letting refiners profit from higher overseas margins.
Jet fuel and diesel lead the surge
The gains were broad but uneven. Specifically, total refined product exports reached 6.01 million metric tons in August, even as the first eight months ran 9.6 percent lower at 34.24 million tons. Moreover, jet fuel exports jumped 41.4 percent to a monthly record of 2.55 million tons, though the year-to-date total still trailed 2025 by 14.4 percent.
Diesel told a similar story. According to the data, diesel exports rose 42.1 percent to 1.33 million tons, the highest since March 2024, lifting the eight-month tally 5.9 percent. Consequently, the two aviation and freight fuels drove August’s overall increase.
Gasoline and LNG diverge
Gasoline lagged behind. Specifically, exports stood at 700,000 tons in August, down 17.5 percent year-on-year but the highest since October, while the January-to-August total slumped 57.4 percent to 2.42 million tons. Therefore, gasoline remained the clear weak spot in China’s export mix.
Imports painted a softer picture too. Additionally, China’s LNG imports fell 17.8 percent to 5.16 million tons in August, and dropped 6.8 percent to 38.86 million tons over the first eight months. Ultimately, the figures show Beijing cautiously reopening the export taps to capture strong wartime margins, even as weaker gasoline sales and falling gas imports point to softer underlying demand at home.
