China's imported oil and gas volume increases and prices fall in the first 7 mon

The General Administration of Customs recently released data showing that in the first seven months of this year, China's crude oil and natural gas imports increased and prices fell.

Since the beginning of this year, with the global spread of the new crown pneumonia epidemic, market demand has weakened and triggered a sudden increase in risk aversion, which has led to a significant decline in the prices of commodities including crude oil and coal. The speed of the resumption of work and production of Chinese enterprises has accelerated, which has led to a significant increase in the import of coal and other energy raw materials.

Data show that in the first seven months of this year, China imported 320 million tons of crude oil, an increase of 12.1%, and the average import price fell by 29.7%; natural gas was 55.706 million tons, an increase of 1.9%, and the average import price fell 15.6%; and refined oil products were 18.816 million tons, an increase. 2.2%, the average import price fell by 23.5%.

In July, the average price of WTI was US$40.79/barrel, up 6.46% from the previous month, and the average price of Brent in July was US$43.22/barrel, up 6% from the previous month. Affected by factors such as continued fluctuations in international oil prices, high temperatures and rains in China, and relatively weak consumption, China's crude oil and refined oil imports fell month-on-month. In July, China imported 51.291 million tons of crude oil, a decrease of 1.89 million tons or 3.6% from June. In July, China imported 1.914 million tons of refined oil, a decrease of 1.585 million tons or 45.3% from June.

The General Administration of Customs also released China's import and export trade data. In the first seven months of this year, China’s total import and export value of goods trade was 17.16 trillion yuan, of which exports were 9.4 trillion yuan and imports were 7.76 trillion yuan. The general features are as follows: general trade imports and exports increase, bonded logistics imports and exports increase; imports and exports to ASEAN, EU and Japan increase, but imports and exports to the United States decrease; private enterprises’ imports and exports increase and their proportions increase; mechanical and electrical products, textiles and plastic products While exports have grown, clothing exports have fallen; iron ore imports have risen in volume and prices, while imports of crude oil, coal, natural gas, soybeans and other commodities have risen and prices have fallen.