Finished lubricant consumption in Japan declined 14%, while production of lubricants fell 17% and lubricant exports dropped by 34% in June, according to data released Monday by a government agency.
The nation’s consumption of lubricants decreased to 153,800 kiloliters (138,000 metric tons) in June, compared to 179,668 kL in the same month last year, Japan’s Ministry of Economy, Trade and Industry reported. June’s domestic sales volume was the second-highest so far this year, trailing only 176,282 kL in March.
Lubricant production in Japan was down to 203,337 kL, from 244,315 kL.
Exports of lubricants from the country fell to 45,320 kL, compared to 68,978 kL, and was the lowest exports volume for a month so far this year.
Lubricant imports tumbled 39% to 16,254 tons in June. The June total was the second highest imports volume for a month this year, behind 18,103 kL in May.
The ministry has tracked grease sales data in metric tons since April 2022. Japan’s grease sales in June decreased 4% to 4,269 tons, and its production was flat at 5,317 tons. Grease imports jumped 34% to 195 tons, and grease exports rose 37% to 63 tons.
According to the Bank of Japans Outlook for Economic Activity and Prices released last month, Japan’s economy is likely to continue recovering moderately for the time being, supported by factors such as the materialization of pent-up demand, although the country’s economy is expected to remain under downward pressure that stems from a slowdown in the pace of recovery in overseas economies.