South Africa’s base oils imports fell in July for a third month even as economic activity held firm in the face of rising interest rates and slowing global growth.Base oils imports of 28,020 kilolitres (24,820t) in July fell from 39,190kl the previous month and by 8pc from year-earlier levels, government data showed..The slowdown cut total imports to 188,740kl in the first seven months of the year. The volume was down 8pc from 205,600kl during the same period last year but still the second highest for that period in the last five years.The drop in imports coincided with a sharp slowdown in South Africa’s economic growth in the second quarter of the year. The slowdown partly reflected the impact of power-rationing as well as devastating flooding in KwaZulu-Natal in April.Economic activity showed signs of steadying in recent months, even as the country’s central bank continued to raise interest rates.Manufacturing production rose in July for the first time in four months and at its fastest pace since the middle of last year.The country’s automobile sales extended their rise in August, climbing for the 17th time in 18 months.The drop in South Africa’s total base oils imports also masked a rise in shipments from some markets.Supplies of 13,050kl from the Netherlands in July rose for a fifth month in six from year-earlier levels.Imports of 78,540kl from the northwest European country in the first seven months of the year were up from 77,180kl during the same period last year. Imports rose even as the Netherlands’ base oils production fell during the first half of the year..Netherlands' June base oils output rises.Imports from Belgium rose even more sharply to 6,000kl in the first seven months of the year. The volume was up from less than 1,700kl during the same period last year.Belgium is a key storage and redistribution hub in northwest Europe and the main destination for base oil shipments from the US to Europe.The rise in flows from Belgium to South Africa contrasted with a 29pc fall in shipments from the US to the country to 37,950kl in the first seven months of the year..S Africa June base oils imports rebound
South Africa’s base oils imports fell in July for a third month even as economic activity held firm in the face of rising interest rates and slowing global growth.Base oils imports of 28,020 kilolitres (24,820t) in July fell from 39,190kl the previous month and by 8pc from year-earlier levels, government data showed..The slowdown cut total imports to 188,740kl in the first seven months of the year. The volume was down 8pc from 205,600kl during the same period last year but still the second highest for that period in the last five years.The drop in imports coincided with a sharp slowdown in South Africa’s economic growth in the second quarter of the year. The slowdown partly reflected the impact of power-rationing as well as devastating flooding in KwaZulu-Natal in April.Economic activity showed signs of steadying in recent months, even as the country’s central bank continued to raise interest rates.Manufacturing production rose in July for the first time in four months and at its fastest pace since the middle of last year.The country’s automobile sales extended their rise in August, climbing for the 17th time in 18 months.The drop in South Africa’s total base oils imports also masked a rise in shipments from some markets.Supplies of 13,050kl from the Netherlands in July rose for a fifth month in six from year-earlier levels.Imports of 78,540kl from the northwest European country in the first seven months of the year were up from 77,180kl during the same period last year. Imports rose even as the Netherlands’ base oils production fell during the first half of the year..Netherlands' June base oils output rises.Imports from Belgium rose even more sharply to 6,000kl in the first seven months of the year. The volume was up from less than 1,700kl during the same period last year.Belgium is a key storage and redistribution hub in northwest Europe and the main destination for base oil shipments from the US to Europe.The rise in flows from Belgium to South Africa contrasted with a 29pc fall in shipments from the US to the country to 37,950kl in the first seven months of the year..S Africa June base oils imports rebound
