Japan consumed 140,064 kiloliters (126,000 metric tons) of finished lubricants in September, according to data released by a government agency. The volume was an increase from the same month in 2020 and a sharp rebound from August.
The September volume was up 28% from 109,012 kL in the same month of 2020 and a 103% jump from 68,909 kL in August, Japan’s Ministry of Economy, Trade and Industry reported today.
The nation’s production of lubricants, which includes exports, decreased 7% year-over-year to 155,803 kL, though that was a 2% increase from August. Imports jumped 214% year-over-year to 29,550 kL in September, while exports fell 19% to 57,608 kL.
“The outlook for Japan’s economy is that, for the time being, downward pressure stemming from the novel coronavirus is likely to remain on services consumption, and exports and production are expected to decelerate temporarily due to supply-side constraints,” the Bank of Japan said in its Outlook for Economic Activity and prices for October released on Oct. 29.
“Thereafter, however, with the impact of COVID-19 waning gradually, mainly due to the widespread vaccinations, the economy is likely to recover, supported by an increase in external demand, accommodative financial conditions and the government’s economic measures.”
In analyzing the country’s current economic situation, the bank noted that Japan’s economy has picked up as a trend, despite remaining in a severe situation due to the pandemic’s impacts. Overseas economies have recovered on the whole, the bank said, albeit with variation across countries and regions. “In this situation, exports and industrial production have continued to increase as a trend, despite being weak recently due to the effects of supply-side constraints seen in some areas,” the bank stated.