Japanese lubricant demand keeps growing

According to recent news from Asia Lubricant Weekly, the consumption of finished lubricants in Japan in May increased by 32% compared with the same period last year
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This is the fourth consecutive month that Japan's lubricant consumption has exceeded the level of the same month in 2020 this year

According to data recently released by the Ministry of Economy, Trade and Industry of Japan, as one of the world’s six largest lubricant markets, Japan’s consumption of lubricants in May was 129,577 kiloliters (117,000 tons), a significant increase from 98,100 kiloliters in the same month in 2020.

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The year-on-year growth rates of Japan's lubricant consumption in April and March were 22% and 15%, respectively

The Japan Economic Research Center stated in its short-term forecast released on June 30 that Japan's economic situation will improve in the 2021 fiscal year
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It is expected that Japan’s economy will rebound this fiscal year, driven by foreign demand and private consumption

According to a report from the Ministry of Economy, Trade and Industry of Japan, including exports, Japan’s lubricating oil production fell by 5% in May to 138,472 kiloliters, down from 145,083 kiloliters in the same period last year, and down 18% from 169,552 kiloliters in April this year.

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In May, Japanese lubricant exports fell by 26% to 38,029 kiloliters, down from 51,535 kiloliters in the same period in 2020; Japanese lubricant imports increased by 32% from 15,242 kiloliters in the same period last year to 20072 kiloliters