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.

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.

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 preliminary import, export data:

Unit: million mt

Source: China's General Administration of Customs