Singapore — China's crude oil imports grew by 9.5% in 2019 to 10.16 million b/d, despite a month-on-month decline of 3.8% in December, preliminary data released on Tuesday by the General Administration of Customs, or GAC showed.
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Total crude oil import growth for 2019 was however, slightly lower than 10.1% seen in 2018.
Crude imports in November had hit a historical high of 11.18 milion b/d.
GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor.
The country's crude imports in December totaled 45.48 million mt, 0.6% lower than the 45.74 million mt in November, preliminary GAC data showed.
DEC FUEL OIL IMPORTS HIT 6-YEAR HIGH
Fuel oil imports soared 92.2% in on the month to hit 6-year high at 2.03 million mt, also representing 34.5% year-on-year increase.
The last record high was at 2.42 million mt in January 2014, GAC data showed.
Despite the jump, China's total fuel oil imports over January-December fell 10.9% year on year to 14.79 million.
2019 OIL PRODUCT EXPORTS RISE 14%
Oil product exports marched 14.1% to 66.85 million mt in 2019 as outflow in December retreated 7.1% to 6.79 million mt from historical high of 7.31 million mt in November, according to GAC data.
In 2018, China's oil product exports rose 12.3% year on year to 58.6 million mt.
Healthy oil product exports and shrinking inflows pushed the country's net oil product exports 44.5% higher year on year to 36.29 million mt in 2019, GAC data showed.
China's preliminary import, export data:
Unit: million mt
Source: China's General Administration of Customs