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Japan's oil imports from Middle East plunge to record low in April
MAINICHI   | 12 jam yang lalu
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In this Jan. 30, 2017 file photo taken from a Mainichi Shimbun helicopter, a container terminal is seen at the Port of Yokohama. (Mainichi)
TOKYO (Kyodo) -- Japan's crude oil imports from the Middle East plunged over 67 percent in volume in April from a year earlier, the lowest single-month level on record, government data showed Thursday, underscoring severe supply disruptions caused by the effective closure of the Strait of Hormuz.
The country, which has relied on the region for more than 90 percent of its oil purchases, imported 3.84 million kiloliters of oil from the Middle East in April, the lowest volume since comparable data became available in 1979, according to preliminary trade statistics data by the Finance Ministry.
Reflecting plunges in imports of oil and other petroleum products, Japan logged a trade surplus of 301.91 billion yen ($1.9 billion) in April for the third straight month in the black, helped by continued robust exports that rose for the eighth straight month, the data showed.
Prime Minister Sanae Takaichi has repeatedly said that Japan is not facing an immediate oil shortage.
She said the country will secure over 70 percent of the fuel it received in the same month last year by June by accessing routes other than the Strait of Hormuz. It will be enough when coupled with the stockpiled oil the government has already decided to release.
The value of Japan's oil imports from the United States increased by 118.2 percent from a year earlier.
However, there have been interruptions to the distribution of oil-related products, most notably naphtha, a raw ingredient necessary to make chemicals used to manufacture plastics and packaging materials.
Japan's total imports of petroleum spirits, of which the bulk is naphtha, from the Middle East fell 79.4 percent to 342,000 kl, the data showed.
The drop was partly offset by supplies from the United States, with the report showing Japan purchased 273,000 kl, up 206-fold from a year earlier, from the country.
By value, imports of oil from the Middle East fell 55.5 percent from the year before to 383.24 billion yen, while globally, the total shipments of the fuel to Japan plummeted 63.7 percent by volume and 49.4 percent by value.
During the reported month, exports remained strong due to demand for artificial intelligence-related products, such as semiconductors and other electronic devices, in other parts of Asia. Meanwhile, domestic production remained stable for use of existing inventories and released oil reserves.
Exports rose 14.8 percent to 10.51 trillion yen in the month, while imports increased 9.7 percent to 10.21 trillion yen, buoyed by higher petroleum product imports from South Korea and purchases of nonferrous metals.
But economists said that elevated crude oil prices could accelerate inflation, which would weigh on corporate profits and consumer spending and hurt both exports and imports.
They said that continued supply disruptions could affect industrial output in sectors such as automotive and chemicals, and that exports to the Middle East could decline further due to geopolitical risks.
While overall exports rose, shipments to the Middle East fell 55.5 percent to 139.49 billion yen, a decline primarily driven by a 90.4 percent drop in passenger car exports.
Sources close to the matter said Toyota Motor Corp. and Nissan Motor Co. have joined other automakers in cutting back shipments to the region.
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