Part of the strength in China's crude imports in the first quarter was driven by a massive 59.8% surge in exports of refined fuels. One factor worth noting is that China's exports of refined fuels also dropped sharply in April to 3.75 million tonnes, down 31.2% from 5.75 million tonnes in March.
This is especially the case since strong demand growth in China underpins the bullish forecasts for 2023 from analysts and from bodies such as the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency.īut signs of some sluggishness in key sectors in China, such as manufacturing and construction, are starting to outweigh positive sentiment from rising consumer spending and a rebound in travel as the country reopens after ending its strict zero-COVID policy in December. Imports of crude oil, coal, iron ore and copper all declined from the prior month, according to data released on Tuesday by the General Administration of Customs.Ĭrude oil arrivals slipped to the equivalent of 10.3 million barrels per day (bpd) down 16.4% from the 12.32 million bpd in March and also 1.45% below the level from April last year.Ĭrude imports were the lowest since January and the decline places a question mark over just how strong demand is in the world's largest oil importer. SINGAPORE, May 9 (Reuters) - China's imports of major commodities lost momentum in April as the strong start to the year faded amid uncertainty about the strength and composition of the recovery in the world's second-biggest economy.
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