May 10, 2017 [OPIS] - The Japanese Ministry of Economy, Trade and Industry (METI) was said to have moved to survey Japanese traders on possible measures to expand the Japanese export footprint in the Asia Pacific region.
“Some areas that the (Japanese) refiners were looking at are Vietnam, Laos, Cambodia and the Southeast Asian importers,” according to a trader who has knowledge of the matter, suggesting potential markets for oil products to flow.
Japanese domestic demand for gasoline has been on a decline as locals are using more fuel-efficient vehicles or clean energy-powered (fuel cell, electric hybrid, natural gas, etc.) cars.
In 2016, the Japanese passenger car population saw a drop in new vehicle registration by 1.65% to 4.15 million units compared to 4.22 million units in the year before, according to Japan Automobile Manufacturers Association.
“With a declining domestic demand for gasoline, it is natural for Japan to start expanding outwards,” an analyst commented.
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