Japan’s finished lubricants consumption surged up by 79%, and production was up 31% in August, compared to the same month last year, according to data released Sept. 30 by the Japan Ministry of Economy, Trade and Industry.
Consumption of finished lubes in Japan rose to 123,593 kiloliters (122,000 metric tons) in August, compared to the 68,909-kL mark that was a historical low a year earlier. The August total was the lowest consumption volume since 104,243 in January.
Production of lubricants, including export volumes, was up to 199,898 kL in August, compared to 152,304 kL. Production topped 206,000 Kl each month from March through June before declining to 194,453 kL in July.
Japan’s finished lube imports were down 31% at 14,449 kL in August, compared to 18,949 kL. That was the lowest since 14,676 Kl in January.
Lubricant exports were down 13% at 56,029 kL in August, compared to 64,576 kL. The monthly exports total was the lowest since 58,029 kL in January. Japan’s economy has picked up with the impact of COVID-19 waning, despite the impacts of factors such as a rise in commodity prices, the Bank of Japan said in its Outlook for Economic Activity and Prices for the third quarter.
“Overseas economies have recovered on the whole, albeit with some weakness seen in part,” the bank said. “Exports have continued to increase as a trend, 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.”