China's July crude imports fell to lowest level since January - JLC

China’s crude oil import in July fell, after a surge in June, reported market intelligence provider JLC, citing data released by China’s General Administration of Customs (GACC).

PHOTO: Oil pump jacks placed in the background with the Chinese flag. Getty Images

China's total crude oil imports in the month of July were about 43.69 million mt, with daily imports averaging about 1.40 million mt, reported JLC.

JLC stated that crude oil imports in China for the month of July dipped by 18.8% from June. “The slump was in part ascribed to large imports earlier this year and slower-than-expected fuel demand recovery,” it further said in the report.

However, China’s crude imports in July 2023 were still 17% higher than crude imports during the same period last year, data from GACC showed.

Chinese trade data was broadly on the soft side for July, reflecting a slowdown in demand for commodities such as oil, said ING’s head of commodities research Warren Patterson. “China’s crude oil, copper and iron ore imports softened as economic and industrial activity slowed,” he further added.

The country has imported a total of 325.75 million mt of crude oil in the first seven months of this year, up by 12% compared to the same period last year, JLC stated.

By Aparupa Mazumder 

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