China's Crude Oil Imports in December Rose 8% Year on Year to 23.67 Million Mt

China's crude oil imports in December rose 8% year on year to 23.67 million mt, or an average of 5.6 million b/d, according to preliminary trade data released Thursday by the General Administration of Customs.

The volume is 1.9% lower than November imports of 5.71 million b/d but similar to the October volume.

The 8% growth rate in December outstripped the 5.1% expansion in crude imports seen during the same month in 2011.

China's total 2012 crude oil imports rose 6.8% year on year to 271.02 million mt or 5.43 million b/d, the data showed.

Crude imports in the fourth quarter of 2012 averaged 5.63 million b/d, up 8.1% year on year. They were also higher than second and third quarter imports, which averaged 5.59 million b/d and 4.81 million b/d, respectively.

Chinese refiners had been expected to import more crude oil in Q4 than in Q3 in preparation for peak winter demand, as well as to keep pace with refining capacity expansions scheduled to come online by early 2013.

Crude oil exports in December fell 75.8% year on year to 80,000 mt, the lowest monthly volume since May 2011, when exports were 50,000 mt.

This brings China's net crude oil imports in December to 23.59 million mt or 5.58 million b/d, up 9.3% year on year.

Total crude exports for the year fell 3.3% year on year to 2.43 million mt or 48,666 b/d. According to the latest detailed customs data available, North Korea and Japan were the largest recipients of Chinese crude oil over January-November last year, importing 474,000 mt and 1.3 million mt, respectively, during the period.

China's oil product imports edged up 3% year on year to 4.16 million mt in December, the highest monthly volume since April 2009.

Meanwhile, oil product exports rose 12% year on year to 2.52 million mt in December, bringing net product imports to 1.64 million mt, a 8.4% decrease year on year.

Total oil product imports for 2012 edged down 1.9% year on year to 39.82 million mt, while oil product exports fell 5.5% year on year to 24.29 million mt, according to the data.

This would bring total net oil product imports in 2012 to 15.53 million mt, a 4.2% increase from 2011.

Production data for December, including refinery throughput, is expected to be released on January 18 by the National Bureau of Statistics, while final customs data is expected on January 21.