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CHINA DATA: Crude imports rise 20% on year to 10.9 mil b/d in December

China's crude imports rose 19.9% on the year to 10.91 million b/d in December 2021, data from the General Administration of Customs showed Jan. 14, as independent refineries tried to use up new crude import quotas allocated in November.

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The imports in December were up 6.8% from November and represented a second continuous month-on-month recovery from the 39-month low of 8.94 million b/d seen in October.

The country's total crude imports averaged 10.3 million b/d in 2021, falling 5.4% year on year amid destocking activities.

The GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor.

China's crude oil imports

On a metric tons basis, crude inflows in December 2021 rose 10.4% month on month to 46.14 million mt. Import volumes for the whole year stood at 512.98 million mt.

China exported 3.23 million mt of oil products in December, a fall of 45.3% year on year to a 17-month low, GAC data showed, as oil companies ran out of export quotas.

In 2021, the oil product outflow volume declined 2.4% to 60.31 million mt as the reduction in gasoline, gasoil and jet fuel exceeded the increase in bonded bunker fuel oil supplies.

As a result, China's net oil product exports fell 1.1% to 33.18 million mt in 2021.

China's preliminary oil trade data (million mt)

Dec-21
Dec-20
Change
Nov-21
Change
Crude imports
46.14
38.47
19.9%
41.79
10.4%
Oil product imports
2.21
2.18
1.4%
2.59
-14.7%
Oil product exports
3.23
5.90
-45.3%
4.19
-23.1%
Net oil prod exports
1.02
3.73
-72.6%
1.61
-36.5%

2021
2020
Change
Crude imports
512.98
542.01
-5.4%
Oil product imports
27.12
28.27
-4.0%
Oil product exports
60.31
61.81
-2.4%
Net oil prod exports
33.18
33.54
-1.1%

Source: General Administration of Customs