Singapore –
China’s crude imports fell to a 27-month low of 9.096 million b / d or 38.47 million mt in December, but total imports over 2020 rose 7% year-over-year at 10.86 million b / d, Administration data General Customs released Jan. Sheall 14.
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Last time monthly imports were lower in September 2018 at 9.092 million b / d, GAC data showed.
The year-on-year fall of 15.4% in December crude exports was sharper than expected, with analysts citing raw import quota shortages and destruction activity as the main reasons for the decline.
As a result, the country’s year-over-year growth in crude oil imports decreased over January-December to 7% from 9.2% over January-November.
The GAC releases data in metric tons, which S&P Global Platts converts to barrels using a conversion factor of 7.33.
On a metric tonne basis, crude imports in 2020 rose 7.3% year-on-year to 542.39 million mt.
China’s oil output, on the other hand, fell 19.2% from November to 5.9 million mt in December, despite posting a 13.1% year-over-year fall.
This brought total oil product exports over 2020 to 61.83 million mt, down 7.5% year-on-year, as the disease spread by foreign demand.
Meanwhile, China imported 2.18 million mt of oil output in December, up 6.2% from November, while imports over January-December fell 7.2% year-on-year to 28.35 million mt.
Exports of the country’s net oil production over 2020 fell 7.7% year-on-year to 33.48 million mt.
IMPORTANT CHINA STRATEGY, RESULTS DATA
(Unit: million mt)
December-20
Dec.-19
% chg
November-20th
% chg
Raw imports
38.47
45.48
-15.4%
45.36
-15.2%
Oil products included
2.18
3.31
-34.3%
2.04
6.4%
Exports of oil products
5.90
6.79
-13.1%
4.95
19.2%
Exports of clean oil products
3.73
3.47
7.2%
2.91
28.2%
January-December 2020
January-December 2019
% chg
Raw imports
542.39
505.68
7.3%
Oil products included
28.35
30.56
-7.2%
Exports of oil products
61.83
66.85
-7.5%
Exports of clean oil products
33.48
36.29
-7.7%
Source: China General Customs Administration