Pakistan’s base oils imports rose to a four-month high in August, countering a dip in the country’s domestic output and supporting an ongoing rise in the country’s supply of the lubricant feedstock.Rising base oils supply added to signs of a sustained recovery in the country’s economic activity.Base oils imports of more than 23,000 tonnes in August rose from already-high volumes of more than 20,000 tonnes in June and in July, provisional customs data showed.The volume rose by 48% and for the fourth time in five months from year-earlier levels.Shipments of Group I and Group II heavy-grade base oils accounted for more than 70% of the total import volume for a fourth month.The imports included a large volume of supplies from the US, also for a fourth month.The US shipments consisted solely of Group II heavy grades.Before May, the most recent imports from the US had been much small shipments in early-2023.The rise in base oils imports balanced out a drop in the country’s domestic base oils output.Output fell to a six-month low of less than 7,500 tonnes in August, from more than 10,500 tonnes the previous month.Total supply, or domestic output and imports combined, duly held at close to 31,000 tonnes in August.The total was similar to the July volume and rose from year-earlier levels for the fourth time in five months.The sustained rise in base oils supply coincided with signs a more sustained recovery in Pakistan’s economic growth.The country’s automobile sales rose in August for a sixth month from year-earlier levels.Its large-scale manufacturing sector rose in July for the seventh time in eight months.Firmer economic growth could get a further boost after Pakistan’s central bank cut the country’s key interest rate in September to the lowest since early-2023.Any subsequent requirement for additional base oils supplies could add to demand for more shipments from overseas markets..Singapore’s Aug base oils imports rise.S Korea’s August base oils exports rise.US’ August base oils exports rise.India’s August base oils imports fall
Pakistan’s base oils imports rose to a four-month high in August, countering a dip in the country’s domestic output and supporting an ongoing rise in the country’s supply of the lubricant feedstock.Rising base oils supply added to signs of a sustained recovery in the country’s economic activity.Base oils imports of more than 23,000 tonnes in August rose from already-high volumes of more than 20,000 tonnes in June and in July, provisional customs data showed.The volume rose by 48% and for the fourth time in five months from year-earlier levels.Shipments of Group I and Group II heavy-grade base oils accounted for more than 70% of the total import volume for a fourth month.The imports included a large volume of supplies from the US, also for a fourth month.The US shipments consisted solely of Group II heavy grades.Before May, the most recent imports from the US had been much small shipments in early-2023.The rise in base oils imports balanced out a drop in the country’s domestic base oils output.Output fell to a six-month low of less than 7,500 tonnes in August, from more than 10,500 tonnes the previous month.Total supply, or domestic output and imports combined, duly held at close to 31,000 tonnes in August.The total was similar to the July volume and rose from year-earlier levels for the fourth time in five months.The sustained rise in base oils supply coincided with signs a more sustained recovery in Pakistan’s economic growth.The country’s automobile sales rose in August for a sixth month from year-earlier levels.Its large-scale manufacturing sector rose in July for the seventh time in eight months.Firmer economic growth could get a further boost after Pakistan’s central bank cut the country’s key interest rate in September to the lowest since early-2023.Any subsequent requirement for additional base oils supplies could add to demand for more shipments from overseas markets..Singapore’s Aug base oils imports rise.S Korea’s August base oils exports rise.US’ August base oils exports rise.India’s August base oils imports fall
