Thailand's undenatured ethanol exports in April fell 42.4% month on month to 14,787 cubic meters, according to Thai customs data released Wednesday. April exports were also down 54.8% year on year, the data showed.
The month-on-month slide came with exports to Japan falling to zero in April, compared with 11,555 cu m in March.
But shipments to the Philippines and Taiwan rose month on month.
The Philippines remained the largest export market for Thai ethanol, with shipments totalling 12,783 cu m last month, up 2.3% from March.
Exports to Taiwan, meanwhile, saw the biggest jump in percentage terms, with shipments jumping 29.7% month on month to 1,928 cu m.
Market sources said the April exports were likely term shipments, as domestic ethanol prices in Thailand have been higher than export prices, which means producers would rather focus sales on the domestic market and only export to fulfil term obligations.
In April, domestic ethanol prices were around $785-800/cu m, data from the Thailand's Energy Policy and Planning Office showed. In comparison, FOB Thailand prices were $741-757/cu m, according to Platts data.
Sources said the April exports were likely from Mitr Phol Sugar Group, Ekarat Pattana and Thai Alcohol Public Company.
When contacted Wednesday, a Mitr Phol spokeswoman confirmed that the company was fulfilling term requirements, but she declined to provide details.
A spokeswoman at Ekarat Pattana also confirmed that the company exported ethanol in April, but not to the Philippines. She declined to provide details.
An official at Thai Alcohol, however, said the company did not export any ethanol last month.
Spot ethanol cargoes from Thailand have become less easily available for export from January 1 this year, as the Thai government phased out 91 RON gasoline sales. This forced more than 1.5 million vehicles and small farm machines to turn to the more expensive 95 RON gasoline and 10% ethanol-blended 91 RON gasoline.
