China's fuel exports rose to a record in July as easing demand growth and a surplus in refined oil products pushed refiners to increase shipments to overseas buyers.
The refined fuel exports surged 52.3 percent from a year ago to a monthly record 4.57 million tonnes, according to data from the General Administration of Customs..
China imported 2.08 million tonnes of oil products in July, down 13 percent from last year, leaving net exports at 2.49 million tonnes, or 562,258 barrels per day (bpd).
China's exports of fuel products have risen sharply this year, up around 46 percent for the January-July period, reflecting this year's swelling refinery throughput at private oil processors and adding to worries that refining margins might come under persistent pressure.
"Growth in China's fuel exports will be strong throughout the third quarter," a Beijing-based trader said. "Refiners are starting to tighten crude runs as well as increase exports to balance the surplus in the domestic market."
The domestic oil product surplus and rising crude stockpiles are dragging on growth in crude oil imports, which rose just 1.2 percent from a year ago to 31.07 million tonnes in July, or about 7.32 million bpd, the customs data showed.
On a daily basis the volume was the lowest since January, and down from June's 7.45 million bpd. It was the second month that annual growth in crude imports had eased.
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