Exports of refined fuel products, which include diesel, aviation fuel, gasoline and marine fuel, totalled 58.14 million tons, down 7.2% from 2023, the data showed.China's crude oil imports fell 1.9% in 2024, data showed on Monday, the first annual decline in two decades outside of pandemic-induced falls, as tepid economic growth and peaking fuel demand dampened purchases.
Imports totalled 553.4 million metric tons, equivalent to 11.04 million barrels per day (bpd), according to data from the General Administration of Customs. That compared with 2023's record 11.28 million bpd.
Imports in December fell to 47.84 million tons, or 11.27 million bpd, from 11.81 million bpd in November and 11.39 million bpd in December 2023.
"China in 2024 was a let down with the market expecting steady to stronger growth from 2023. Deflationary pressures and transport electrification dampened growth," said Emril Jamil, senior analyst with LSEG ahead of the data release.
China's demand for key transportation fuels barely grew in 2024, as rapid electrification of its vehicle fleet displaced gasoline while a property sector crisis and lackluster merchandise exports crimped demand for diesel.
Monday's data showed China's natural gas imports, comprising liquefied natural gas (LNG) and piped gas, rose nearly 10% to 131.69 million tons in 2024, a record high.
Imports in December came in at 11.56 million tons, up from November's 10.8 million tons but lower than 12.65 million tons in December 2023.
Exports of refined fuel products, which include diesel, aviation fuel, gasoline and marine fuel, totalled 58.14 million tons, down 7.2% from 2023, the data showed.
December exports at 3.73 million tons were the lowest in 2024 as companies ran short of export quotas.
