Japan’s consumption of finished lubricants jumped 30% and production rose 15% in October, while lubricant imports fell 16%, compared to the same month last year, accosting to data released Nov. 30 by the Japan Ministry of Economy, Trade and Industry.
The nation consumed 138,647 kiloliters (125,000 metric tons) in October, increasing from 107,057 kL in the same month of 2021. October’s figure was roughly middle of the pack for this season, which peaked at 193,528 kL in April and posted its low mark of 104,243 kL in January.
Lubricants production, including exported volumes, rose from 145,046 kL in October of last year to 166,946 kL in the same month this year. However, October’s production was the lowest since 163,569 kL in February, which was the last time monthly production was below 194,000 kL.
Lubricants imported into Japan fell from 28,190 kL to 23,751 kL, the fourth time the imported volume topped 23,000 kL this year.
Japan’s lubricant exports volume increased 8% to 44,347 KL. However, October’s export total was the lowest since that October 2021 volume and marked the first month this year that such volume fell below 56,000 kL.
The Bank of Japan said in its Outlook for Economic Activity and Prices released in October concluded that overseas economies have on the whole recovered moderately from the coronavirus pandemic, but slowdowns were observed, mainly in advanced economies.
Japan Center for Economic Research noted in its Nov. 14 Japan Economy Update that the country’s monetary authorities intervened in the foreign exchange market in September and again in October to support the yen due to its steep depreciation. The yen traded at 115 per U.S. dollar in March, but the rate increased to ¥152 by Oct. 21-24. This marked the first time since June 1988 that government authorities intervened in such a manner, the center said, which involved selling U.S. dollars and buying yen.