China’s annual imports of crude oil hit an all-time high in 2023 as the country’s fuel demand finally began to recover from a post-pandemic slump.
According to the Reuters, China imported an average of 11.28 million barrels per day (mlpbd), of oil last year, up 11% from 2022, according to data from the government’s General Administration of Customs (GACC) published on Friday. The country’s previous record imports hit 10.81 mlbpd in 2020.
Broken down, imports for December was 11.39 mlbpd, up from the 10.33 mlbpd seen in November.
Domestic transportation saw a surge in activity last year, domestic and international air travel also recovered quickly. Domestic demand for diesel fuel remained weak amid uncertainty for the construction and manufacturing sectors.
Despite record imports, analysts expect China’s oil demand growth to slow by approximately 4% in the first half of this year, largely due to the country’s property market slump. Key drivers of oil imports in 2024 are predicted to come from aviation’s demand for kerosene as well as demand in the petrochemical sector for products used in the manufacture of key goods such as solar panels and electric vehicles.
Data from the GACC also showed the country’s natural gas imports, which include liquid natural gas and piped gas, rose 9.9% year-on-year, ending on an almost-record 119.97 million tons for 2023, the highest gas import figures ever (excluding those from 2021).