Data showed today, Friday, that China’s imports of crude oil in 2023 reached their highest levels ever in a year, with demand for fuel recovering after the decline caused by the Corona pandemic (Covid-19), despite the economic headwinds.
Data from the General Administration of Customs said that China’s imports of crude oil increased last year by 11% compared to 2022 to about 564 million tons, or the equivalent of 11.28 million barrels per day, an increase from the previous record level recorded in 2020, amounting to 10.81 million barrels.
Daily.
Total imports last December reached 48.36 million tons, or 11.39 million barrels per day, compared to 10.33 million barrels per day in the previous November.
The data showed that China’s imports of natural gas – including liquefied natural gas and gas delivered via pipelines – rose by about 10% to 120 million tons in 2023.
These quantities represent the second highest level ever after 2021, when China imported 121.4 million tons of natural gas.
Foreign trade
In terms of foreign trade, Chinese exports rose last December by 2.3% on an annual basis, and this is considered an indication of stability, and the increase was stronger than what analysts expected on average.
The Beijing Customs Authority said on Friday that exports – after 6 consecutive months of decline – increased slightly last November as well.
However, 2023 was a difficult year for Chinese trade, as exports declined by 4.6%, due to weak global demand, while Chinese imports declined by 5.5%.
