China’s gasoline exports rebounded in November to the highest level since August 2023, customs data showed on Wednesday, as exporters rushed to sell products before a cut in tax rebates came into effect this month.

November gasoline exports rose 42.1% on the year to 1.26 million metric tons (10.65 million barrels), according to data from the General Administration of Customs, bouncing off a six-month low in October of 670,000 tons.

The government said in mid-November it would reduce the export tax rebate rate for a range of goods, including some refined oil products, from 13% to 9%, from December.
That would cut export margins by 200-300 yuan ($27.51-$41.27) per ton, a state oil official said.

As a result, gasoline exports are expected to decline in December compared with November.

November exports of diesel fell 65.9% year-on-year to 400,000 tons, down also from October’s 480,000 tons.

Jet fuel exports fell 1% year-on-year to 1.58 million tons. That was up from 1.45 million tons in October, a nine-month low.

China’s total refined fuel exports in November – including gasoline, diesel, jet fuel and marine fuel – rose 2.8% on the year to 5.23 million tons. That was up from October’s 3.96 million tons, an 18-month low.

The data also showed China imported 6.15 million tons of liquefied natural gas in November, down 8.7% from a year earlier. From January to November, LNG imports rose 10.7% to 69.61 million tons from the same period in 2023.

Below are details of the fuel exports and LNG imports, with volumes in metric tons.
Source: Reuters (Reporting by Colleen Howe; Editing by Neil Fullick and Jamie Freed)