Key facts
- China exported 4.65 million tons of refined products in July.
- Diesel exports increased by 88% month-over-month.
- Gasoline exports saw a 320% monthly increase.
- Jet fuel exports were up 42% from June.
- The Chinese government eased fuel export curbs due to large domestic stockpiles.
China's refined fuel exports saw a 6.7% increase in July compared to June, reaching 4.65 million tons of products including gasoline, diesel, and jet fuel. This rise, however, represents a 12.9% decrease on an annual basis. The surge was largely driven by an 88% month-over-month increase in diesel exports, totaling 810,000 tons, as global diesel stocks face a squeeze due to conflicts in the Middle East and Ukraine. Gasoline exports also saw a significant 320% monthly jump, though they remain substantially lower year-over-year. Jet fuel exports were up 42% from June but down 33% annually. These increased exports come as China's domestic stockpiles have swelled, prompting the government to relax fuel export curbs that were initially imposed in March. Beijing had previously banned most fuel exports, with exceptions for certain Southeast Asian countries, but began easing these restrictions in July, allowing for 2.7 million tons of refined products to be exported through August.