China’s imports of %Commodities continued to slow in July of this year as the country’s economic slowdown deepens.
While softness was observed in imports of iron ore, copper and natural gas, %CrudeOil imports declined the most, falling to their lowest level in nearly two years.
Official data from the Chinese government showed that crude oil imports into the nation of 1.4 billion people totaled 9.97 million barrels per day in July, the lowest level since September 2022.
China remains the world’s biggest importer of crude oil and its demand has major ramifications for global prices.
For the first seven months of the year, China’s crude oil imports totaled 10.90 million barrels per day, down 2.9% from 11.22 million barrels a day seen during the same period of 2023.
China’s crude imports fell by 320,000 barrels per day in the first seven months of the year. That figure stands in contrast to the demand forecasts of the Organization of the Petroleum Exporting Countries (%OPEC) and the International Energy Agency (IEA).
OPEC’s most recent forecast called for China to lead global energy demand growth this year, with crude oil exports expected to rise by 760,000 barrels per day in July.
The IEA had forecast that China would account for about 40% of this year’s global increase in crude oil demand, which equates to 388,000 barrels per day.
Elsewhere, imports of iron ore, copper and natural gas showed little gains from the previous month of June with domestic demand continuing to weaken.
The lone bright spot for China’s commodity imports in June was coal, where July imports of 46.21 million tons were at the highest level since last December.
Brent crude oil, the international benchmark, is currently trading at $77.66 U.S. per barrel, down from more than $85 U.S. a barrel this spring.
