26 Jun 2019
Mexico has retained its ranking as the destination with the second highest volume of China’s gasoline exports in May, remaining unchanged from the month prior, according to the General Administration of Customs.
As S&P Global reports, outside Asia, Mexico was revealed to be the only direct recipient with around 174,000 mt of gasoline imported in May.
In May, exports to Mexico increased by 1.4% month on month, while registering a growth of almost four times more than 35,000 mt a year before.
Additionally, industry sources have shared that Sinochem and PetroChina, being China’s state-owned oil companies, have dabbled and issued contracts in the Mexican market.
In the January to May period, exports to Mexico from China surged from 213,000 mt from the same period a year prior to 447,000 mt – a figure exceeding double of what it used to be. This has driven Mexico to the top destination following Singapore.
With that said, in the same period, exports to Singapore decreased by 7.1% year on year; while gasoline exports to Thailand and Hong Kong grew substantially in May.
May saw China’s gasoline exports decrease by a month on month figure of 27.8% to 848,000 mt from April, which is its second straight monthly fall following its record high level of 1.69 million mt in March. Over the January-May period, China’s exports decreased by 7.5% year on year, totalling to 5.78 million mt.