Japan’s January lube consumption slid to 104,243 kiloliters (93,700 metric tons), down 7% from 111,525 kL in the same month last year, according to data released Feb. 28 by a government agency.
Sequentially, January’s figure – the lowest since 68,909 kL last August – was down 9% from 113,474 kL in December.
Japan’s Ministry of Economy, Trade and Industry reported that the country’s lubricants production, including for export, dropped 23% to 163,011 kL, down from 200,105 kL. January’s production was slightly above December’s 162,542 kL mark.
According to a Feb. 8 recession indicator report by the Japan Center for Economic Research, the country’s leading index rose during the last three months of 2021, due to improvements in such factors as the sales forecast of small business, new job offers and the inventory ratio of final demand goods.
The analysis cautioned that, given that the number of COVID-19 patients increased rapidly with the emergence of the Omicron virus in January and that it resulted in a short supply of automotive parts, Japan’s economic outlook may experience negative effects as this year progresses.
The country’s lubricant exports fell 63% to 58,029 in January, declining from 94,814, which was the high-water mark for 2021. The January total this year was up 5% from December.
Imports were up slightly at 14,676 kL, compared with 14,315 kL. Sequentially, imports declined 51% from 29,970 kL in December.