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China's 2019 crude imports grow 9.5% to 10.2 mil b/d despite Dec dip

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.

China's crude imports, oil product exports grow

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 crude oil imports

China's preliminary import, export data:

Unit: million mt

Dec-19
Dec-18
Change
Nov-19
Change
Crude imports
45.48
43.78
3.9%
45.74
-0.6%
Crude exports
0.00
0.03
-100.0%
0.05
-100.0%
Net crude imports
45.48
43.76
3.9%
45.69
-0.4%
Oil product imports
3.31
3.01
9.9%
2.40
38.3%
Oil product exports
6.79
5.86
15.8%
7.31
-7.1%
Net oil prod exports
3.47
2.85
22.1%
4.91
-29.2%
Fuel oil imports
2.03
1.51
34.5%
1.06
92.2%

Jan-Dec 19
Jan-Dec 18
Change
Crude imports
505.72
461.89
9.5%
Crude exports
0.81
2.63
-69.2%
Net crude imports
504.91
459.26
9.9%
Oil product imports
30.56
33.48
-8.7%
Oil product exports
66.85
58.60
14.1%
Net oil prod exports
36.29
25.12
44.5%
Fuel oil imports
14.79
16.60
-10.9%

Source: China's General Administration of Customs