Azernews.Az

By Bloomberg

China’s diesel exports rose by the most in 10 months amid signs that demand growth is slowing in the world’s second-largest oil consumer, driving sales overseas.

Diesel shipments in July increased by almost 46 percent from the same month last year to about 544,000 metric tons, according to data from the General Administration of Customs on Friday. That’s the fastest yearly increase since September. Exports reached a record 670,000 tons in June.

The fuel accounts for about 40 percent of Chinese oil- product sales. Consumption declined 1.6 percent in the first half of 2015 from the same period the previous year, the National Development and Reform Commission said last month.

With the economy slowing, fewer trucks are moving coal and finished goods, reducing diesel use, Barclays Plc said in a report Monday. Recent sales and export data signal diesel demand may weaken further, BMI Research said in an Aug. 5 report.

China last week had its first major devaluation of its currency since 1994 as the government fights a slowdown in the world’s second-largest economy. The record 10.59 million barrels a day of crude processed in June also built up fuel stockpiles before the country’s refineries slowed in July, processing 10.3 million barrels a day.

China’s industrial production rose 6 percent last month from a year earlier, missing the median estimate of 6.6 percent in a Bloomberg survey and compared with 6.8 percent in June.