MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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OIL PRODUCTS: Oil Product Demand in China May Fall 3.8% y/y in H2

OIL PRODUCTS

China Petroleum Planning and Engineering Institute estimates that consumption in China may fall 3.8% y/y in H2 2024 to 184m tons following a 1.4% decline H1, according to Bloomberg.

  • Gasoline demand is estimated to fall 3.2% y/y in H2 and diesel to fall 6.4% although jet fuel demand could rise 6.4%.
  • Gasoline consumption is falling with new gasoline-powered car sales nearing zero growth due to popularity of new-energy and autonomous-driving vehicles. 
  • Diesel’s downstream demand is showing no signs of recovery, with muted property construction while heavy rainfall disrupts industrial production and transport.
  • Jet fuel could be boosted by robust domestic and international travel with more overseas visitors to China.
  • Refiners may lower throughput if exports are held at the current level as this year could mark a “turning point” in China’s oil-products market.
  • Declining oil-products consumption could be a benefit by cutting reliance on crude imports.
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