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CHINA DATA: July crude imports fall 20% on year to 9.75 mil b/d

China's crude imports fell 19.6% year on year to 9.75 million b/d in July, General Administration of Customs preliminary data released Aug. 7 showed.

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The inflow was also down 0.6% from 9.81 million b/d imported in June.

GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor. On a metric ton basis, the July imports rose 2.8% on the month to 41.24 million mt.

Total crude imports over the first seven months of the year fell 5.6% year on year to 301.83 million mt, or 10.44 million b/d, GAC data showed, extending a drop of around 3% over the first six months of the year.

China's oil product exports fell 28% month on month to 4.64 million mt in July due to a quota shortage, despite 44.3% year-on-year growth from a low base in the same month of 2020.

China slashed oil product exports in 2020 as the coronavirus pandemic constrained international demand.

Over the first seven months of the year, the country's oil product exports rose 11.2% on year to 41.08 million mt, the GAC data showed.

China's preliminary trade data on crude, oil products:

(Unit: million mt)

Jul-21
Jul-20
Change
Jun-21
% chg
Crude imports
41.24
51.29
-19.6%
40.14
2.8%
Oil product imports
2.52
1.91
31.8%
2.14
18.2%
Oil product exports
4.64
3.21
44.3%
6.44
-28.0%
Net oil prod exports
2.11
1.30
62.8%
4.31
-51.0%
Jan-July 2021
Jan-July 2020
Change
Crude imports
301.83
319.76
-5.6%
Oil product imports
15.04
18.73
-19.7%
Oil product exports
41.08
36.95
11.2%
Net oil prod exports
26.04
18.23
42.9%

Source: General Administration of Customs