Japan Demand Rose Barely in 2023


Japan Demand Rose Barely in 2023

Japan’s finished lubricant demand edged up 1% in 2023, while its lubricants production declined 6%, according to data released Jan. 31 by a government agency.

In December, its lubricants consumption decreased 4%, while its lubricants production slipped 11%.

The country consumed 1.8 million kiloliters (1.6 million metric tons) of lubricants last year, compared to 1.7 million kL in 2022, Japan’s Ministry of Economy, Trade and Industry reported. In December, lubricant demand was 138,857 kL, down from 144,818 kL. During last year, the domestic sales peak was 180,216 kL in September, while the low point was 111,559 kL in February.

Lubricant production – including products destined for export – decreased to 2.4 million kL in 2023. In December, production fell 11% to 192,271 kL, compared to 216,469 kL. The high-water mark last year of 231,840 kL production was recorded in March, just after the low mark of 169,291 kL in February.

The country’s exports and imports of finished lubricants both declined in 2023.

Exports of finished lubricants from Japan fell 26% to 590,961 kL. The largest volume in a month last year was 67,730 kL, while the smallest was 26,025 kL in October.

Imports fell 39% to 132,453 kL. In December, imports plunged 58% to 9,555 kL, compared to 22,748 kL. The high point of 18,103 kL was reported in May, and the low mark of 6,048 kL occurred in July.

Related Topics

Asia    Finished Lubricants    Japan    Region