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.
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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.