Chinese Product Imports/Exports Drop, Crude Imports Surge
Chinese September crude imports of 9.04M b/d were a 6-month high and the second highest monthly level on record, up 13% m-o-m and 12% y-o-y, according to data provided by China’s General Administration of Customs. Russia retained its position as the single largest supplier to China with a record 1.6M b/d, which was 35% more than Angola, the second largest exporter to China.
Chinese product imports in September of 0.47M b/d were down 15% m-o-m but up 18% y-o-y. With about 70% of all imports coming from Northeast Asia and particularly South Korea, tonne-mile demand recorded an even sharper monthly reduction than cargo volumes (-35%). Chinese imports dropped across all product-types, with naptha imports down 10% m-o-m at 0.15M b/d, jet kerosene imports down 5.6% m-o-m at 0.07M b/d, diesel imports down 47% m-o-m at 0.01M b/d and fuel oil imports down 13.5% m-o-m at 0.25M b/d.
Chinese product exports in September stood at 0.71M b/d, down 17% m-o-m and 22% y-o-y, yielding a 30% monthly drop in tonne miles, with around 80% of exports destined to Asian countries. Jet kerosene exports remained at the same levels m-o-m, while gasoline exports were down 35% m-o-m at 0.16M b/d, fuel oil exports were down by 7% m-o-m at 0.23M b/d and diesel exports dropped by 17% m-o-m to 0.29M b/d, with exports to Singapore dropping by 77% m-o-m to 0.11M b/d.