Japan Demand Rebounded in 2021


Japan Demand Rebounded in 2021

Japan consumed 1.5 million kiloliters (1.3 million metric tons) of finished lubricants in 2021, a 4% increase from 2020’s total, according to data released Jan. 31 by a government agency. Lubricant consumption in December declined 18% to 113,474 kL, compared to the same month in 2020.

The 2021 consumption total was 1% shy of 2019’s 1.6 million kL total. The December 2021 consumption total was up 3% from November.

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Japan’s Ministry of Economy, Trade and Industry reported that the country’s lubricant production – which includes exports – decreased 1% to 2 million kL in 2021. In December, production fell 9% to 162,545 kL, down from 178,816 kL in the same month of 2020, though it was the up 12% from November and was the first month since May that production passed the 160,000 kL mark.

The monthly consumption volume twice last year crossed the 200,000 kL mark – in January and March. The low point of 138,472 kL was recorded in May.

The nation’s imports and exports of lubricants were up for the full year. In 2021, imports climbed 38% to 270,105 kL, and exports increased 2% to 766,211 kL.

In December, imports jumped 49% to 29,970 kL – the highest monthly volume last year – and were also up 38% from November. The lowest volume for a month last year, 14,315 kl, was recorded in January.

Exports in December fell 12% to 55,225 kL, though this was up 2% from November. The highest volume for a month in 2021 occurred in January, at 94,814 kL. The low point of 38,029 KL in exports was reported in May. According to a Jan. 12 report by the Japan Center for Economic Research, leading into December, Japan’s Leading Index improved for two consecutive months. Recovery in production of automobiles, accompanied by a recovery in semiconductor supply, boosted manufacturing indicators, the report indicated. However, the center’s economist noted that the emergence of the COVID-19 Omicron variant and semi-emergency coronavirus measures that began in several of Japan’s prefectures meant the country’s economic outlook remained highly uncertain.

Related Topics

Asia    Finished Lubricants    Japan    Market Topics    Region