Data released on Monday showed that China's crude imports dropped 1.9% in 2024. This was the first decline in over two decades, outside of pandemics. The data also revealed that fuel demand peaked and a tepid economy growth dampened purchases.

According to the General Administration of Customs, imports totaled 553.4 million metric tonnes (equivalent to 11,04 million barrels a day). This compares to the record of 11.28 million barrels per day (bpd) set in 2023.

Imports fell in December to 47.84 millions tons or 11.27million bpd from 11.81million bpd and 11.39million bpd respectively in November.

"China 2024 was disappointing, as the market expected a steady or stronger growth starting in 2023. Deflationary forces and transport electrification slowed growth, said Emril jamil, senior analyst at LSEG before the release of data.

China's transportation fuel demand barely increased in 2024 as the rapid electrification displaced gasoline, while a property crisis and a lackluster export market crimped diesel demand.

The data released on Monday showed that China's imports of natural gas, including liquefied gas (LNG) as well as piped gas in 2024 rose by nearly 10%, reaching a new record high of 131.69 millions tons.

Imports for December were 11.56 millions tons, an increase from 10.8 million tonnes in November but lower than the 12.65 million ton December 2023.

The data shows that the exports of refined fuel products including diesel, aviation, gasoline, and marine fuel totaled 58.14 millions tons, a 7.2% decline from 2023.

Exports in December were at their lowest level since 2024, with 3.73 million tonnes. Companies had not met their export quotas.

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(source: Reuters)