Japan’s consumption of finished lubricants jumped 27%, and production swelled by 37% in June, compared to the same month last year, according to data released today by the Japan Ministry of Economy, Trade and Industry.
The country consumed 179,668 kL (162,000 metric tons) – the second highest total of the last year, behind only 193,528 kL in April – in June, up from 141,900 kL in June 2021. Sequentially, June’s demand was 39% higher than 128,938 kL in May. For the first six months of this year, lubricant consumption increased 6% to 681,647 kL, compared to 643,082 kL in the same period last year.
Lubricant production, including exported volumes, reached 244,315 kL in June, compared to 178,310 kL in the same month last year. Sequentially, June’s production was up 11% from 220,533 kL in May. For the first half of this year, lubricant production was up 14% at 1 million kL, up from 880,052 kL.
Japan’s lubricant exports edged up 4% to 68,978 kL in June. Sequentially, June’s total was down 13% from 79,391 kL in May. Lubricants exports for the first half of this year surged 49% to 423,954 kL, up from 284,705 kL.
The country’s lubricant imports increased 15% to 26,755 kL in June. Sequentially, the volume was a 78% jump from 15,008 kL in May. The January-June imports total this year grew 41% to 106,812 kL.
Japan’s economy has picked up with the impact of COVID-19 waning, despite being
affected by factors such as a rise in commodity prices, the Bank of Japan said in its Outlook for Economic Activity and Prices released July 22. Exports continued to increase as a trend, the bank noted, but they have been affected by supply-side constraints, and industrial production has been under strong downward pressure due to the effects of such constraints.