China is net exporter of oil products in August, fourth time in 2014
Singapore (Platts)--7Sep2014/1150 pm EDT/350 GMT
China's crude oil imports in August recovered to 25.19 million mt or
an average 5.96 million b/d, surging 17.5% year on year, according to
preliminary data released Monday, September 8, by the country's General
Administration of Customs.
The volume was 6% higher than the July volume of 5.62 million b/d, which
had been the first year-on-year contraction in crude imports since
October 2013.
China resumed crude exports last month after a five-month hiatus since
March, shipping out 110,000 mt, although this was a 47.6% slide from
August 2013.
This brought the country's net crude imports in August to 25.08 million
mt, or 5.93 million b/d, up 18.2% year on year.
Over January-August, China's total crude imports rose 8.4% year on
year to 200.92 million mt or an average 6.06 million b/d, according to
the data.
Year-to-date crude exports plunged 71.2% year on year to 360,000 mt,
bringing net crude imports to 200.56 million mt, which was an 8.9%
increase from a year earlier.
China's oil product imports slipped 1.6% year on year to 2.53 million mt
in August, while oil product outflows rose 9.6% year on year to 2.73
million mt. This means China was again a net exporter of oil products
last month, for the fourth time this year.
China had rarely been a net oil product exporter before this year but
weak demand growth and ample production from domestic refineries have
resulted in declining imports and relatively higher exports of oil
products.
From January to August, China's total oil product imports slumped 28.3%
year on year to 19.65 million mt, while oil product exports dipped 0.5%
year on year to 19.12 million mt, the data also showed.
--Song Yen Ling,
yenling.song@platts.com
--Edited by Meghan Gordon,
meghan.gordon@platts.com
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