BEIJING: China’s refined fuel exports fell to an 18-month low in October, customs data showed on Monday, as weak export margins continued to weigh on shipments.

China’s total refined fuel exports in October - including gasoline, diesel, jet fuel and marine fuel - fell to 3.96 million metric tons, according to the General Administration of Customs, the lowest since April 2023.

That was down 21.4% year-on-year and marked a sharp drop from 5.19 million tons in September.

China’s finance ministry on Friday announced it would reduce the export tax rebate rate for some refined oil products from 13% to 9% beginning on Dec. 1, a move that is expected to deal a further blow to refining margins.

The customs data showed that jet fuel exports were at the lowest level since January, falling 5.2% on the year to 1.45 million tons (11.43 million barrels).

That lagged the expectations of consultancies and trade sources for October jet fuel exports to rise to 1.7 million-1.8 million tons.

Gasoline exports totalled 670,000 tons last month, the lowest level since April and down 12.8% on the year.

Diesel exports last month totalled 480,000 tons, down 57.2% from a year earlier.

Increase in petroleum products’ prices on the cards

That was however up from 350,000 tons in September, a 15-month low.

The data on Monday also showed China imported 6.55 million tons of liquefied natural gas (LNG) in October, up 28% from the previous year.

From January to October, LNG imports rose 13.2% to 63.55 million.