China’s September Crude Oil Imports Advance to Record
China imported a record volume of crude oil last month to meet demand from factories and farmers in the world’s fastest-growing major economy.
Purchases increased 11 percent to 23.29 million metric tons, or 5.52 million barrels a day, compared with a month earlier, according to preliminary data released today by the Beijing- based General Administration of Customs. That beat a previous record of 22.27 million tons in June.
China’s manufacturing expanded at the fastest pace in fourth months in September, adding to signs that economic growth is stabilizing even as the government curbs increases in lending and takes steps to cool the property market. Net crude imports rose to a record 22.9 million tons in September, the customs data showed.
“With few sizable domestic oil discoveries in recent years, sustained Chinese economic growth will have to be fueled by higher oil imports despite the modest slowdown caused by the government’s cooling measures,” Gordon Kwan, head of regional energy research at Mirae Asset Securities Ltd., said in e-mailed comments today.
China paid an average $74.43 for each barrel of crude in September, up from $73.47 a barrel in August, according to Bloomberg calculations based on the customs data.
Crude imports in the first nine months rose 24 percent to 181.16 million tons. That’s 89 percent of the crude bought from overseas last year.
Fuel demand also typically rises in September and October as farmers harvest their crops before winter arrives. Net imports of oil products, including gasoline and diesel, gained 45 percent to 710,000 tons last month compared with August, according to customs, which doesn’t provide a breakdown by fuel type in its preliminary data.
The world’s biggest producer of coal exported 1.86 million tons of the resource last month, the customs data showed. No import figures were given.
--Winnie Zhu. Editors: Ryan Woo, Aaron Sheldrick.
To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net
To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net.
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