Friday's data revealed that China's crude oil imports reached their highest levels ever in 2023, as fuel demand recovered following the downturn caused by the COVID-19 pandemic, despite economic headwinds.
According to data from the General Administration of Customs, China's crude oil imports increased by 11% last year compared to 2022, amounting to about 564 million tons or an equivalent of 11.28 million barrels per day, up from the previous record set in 2020, which was 10.81 million barrels per day.
Total imports in December amounted to 48.36 million tons or 11.39 million barrels per day, compared to 10.33 million barrels per day in November.
The data also showed that China's natural gas imports, including liquefied natural gas (LNG) and pipeline-delivered gas, rose by approximately 10% to 120 million tons in 2023.
These quantities represent the second-highest level on record, after the year 2021, when China imported 121.4 million tons of natural gas.
Foreign Trade
In terms of foreign trade, China's exports in December increased by 2.3% on an annual basis, a sign of stabilization, and the increase was stronger than analysts' average predictions.
The Customs Authority in Beijing stated this Friday that after 6 consecutive months of decline, exports rose slightly in November.
However, 2023 was a challenging year for Chinese trade, as exports fell by 4.6%, marking the first annual decline since 2016 due to weak global demand. Chinese imports also fell by 5.5%.
Trade between China and Russia in 2023 exceeded 240 billion dollars, according to customs data, surpassing the 200 billion dollar target set by the neighboring countries in bilateral meetings last year.
These figures marked a yearly increase of 26.3% and set a record for the two nations, which have grown politically and economically closer since the start of the Russian-Ukrainian war in 2022.
On the other hand, trade between the United States and China last year reached 664 billion dollars, a decrease of 11.6%, marking the first decline since 2019.
