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Chinese May Crude Imports Gain 12% y-o-y

OIL

China imported 45.83 million tonnes of crude last month, 12% higher than a year prior based on General Administration of Customs data out today.

  • May’s imports are equivalent to 10.79 bpd, up from 10.5 million bpd in April and to a 2021 average of 10.3 million bpd. January-May imports were down 1.7% versus the same period last year at 217 million tonnes.
  • Refined product exports in May were 3.27 million tonnes, down 40% from the previous year's 5.41 million tonnes. Year-to-date exports were down 38.5%.
  • Natural gas imports - both piped and as LNG- were 9.07 million tonnes in May. Imports for the first five months were down 9.3% to 44.91 million tonnes.
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