Singapore — China's crude oil imports surged 34.4% year on year to all-time high of 12.99 million b/d or 53.18 million mt in June as Chinese buyers who rushed into the market to secure cheap crudes in late March received their deliveries in the month, preliminary General Administration of Customs data showed July 14.
It was the first time China's monthly crude imports had surpassed 12 million b/d, and was 14.6% higher than the previous record high of 11.34 million b/d in May, GAC data showed.
The record-high inflow was within expectations, but has caused serious congestion in China waters, S&P Global Platts has reported.
The record June volume brought imports for the first half of 2020 to 10.82 million b/d, up 9.3% on year, despite inflow hitting an eight-month low of 9.72 million b/d in March amid the coronavirus pandemic, the data showed.
GAC releases data in metric tons, which Platts converts to barrels using a 7.33 conversion factor.
For oil products, China's exports fell further to a 16-month low of 3.88 million mt in June from 3.89 million mt in May after hitting a fresh record high of 8 million mt in April, GAC data showed. Exports were last lower at 3.81 million mt in February 2019.
Product exports over January-June rose 3.8% on year to 33.76 million mt, the data showed.
Meanwhile, China's oil product imports edged up 0.7% on year to 16.9 million mt in H1. As a result, China's net oil product exports rose 7.1% on year to 16.86 million mt in the period, the GAC data showed.
China's preliminary import, export data
(Unit: million mt)
Source: China's General Administration of Customs