Sales of finished lubricants in Japan sank to 128,888 kiloliters (115,906 metric tons) in August, the lowest level in 17 months, according to the latest information from the country’s Ministry of Economy, Trade and Industry.
August sales were also 5% lower than the same month of 2023.
In-country production of finished lubes was also low at 111,784 kiloliters – 28% less than the 154,444 kiloliters produced in August of 2023.
Japan was the world’s third-largest economy in 2023 and is one of the biggest lubricant markets. Although performance was quite poor in August, the market has been up and down in 2024 compared to last year, running ahead in three months and behind in five. Through the first eight months of the year, sales ran 3% behind 2023 at 1.2 million kiloliters.
Japan exports a significant amount of lubricants – much of it going to other Asian countries for use in vehicles and machinery produced by Japanese companies. But exports were down sharply in August, to 28,233 kiloliters, compared to 56,944 kiloliters in the same month of last year.
Lubricant imports to the country are always less and totaled 14,633 kiloliters in August, compared to 15,024 kiloliters a year earlier.