According to data released by China Customs, although the growth rate of imports fell by 7.8 percentage points to 18.6% in April, the import growth rate in May once again stood above 20%. The main reason for the rebound is still from the import of bulk commodities. Ren Zeping, chief economist of Founder Securities, pointed out that from the import prices of major primary products, the import prices of iron ore, crude oil, soybeans and grains increased by 27.1%, 30.3%, 7.6% and 13.5% respectively. Among them, crude oil has the fastest growth rate.
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In May, China's crude oil imports beat the United States and became the world's largest buyer of crude oil. According to customs data, the average daily import volume of crude oil in China in May was 37.2 million tons, or 8.76 million barrels per day. EIA data showed that US crude oil imports in May were 8.12 million barrels per day, a difference of 640,000 barrels.
In the previous March, China imported 38.95 million tons of crude oil, a record high. In the first quarter of this year, China's crude oil imports reached 105 million tons, an increase of 15% year-on-year. The import value was 281.55 billion yuan, an increase of 89.4% year-on-year.
In this regard, Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce, said in an interview with the media that 6.9% of GDP growth in the first quarter of this year released a positive signal for imports, and the number of commodities maintained a single-digit growth rate. . Bai Ming also believes that today's imports are still in a period of restorative growth, and in the future it cannot be expected that imports will remain high as in May.
At the same time, China recently released the second batch of non-state-run import quotas for crude oil. The size of crude oil quotas announced so far has exceeded the full year of 2016. The reporter checked that the Ministry of Commerce’s document dated June 14 showed that the Ministry of Commerce approved a total import quota of 22.92 million tons of crude oil to 32 companies. The first batch of crude oil import quotas was 68.81 million tons, and the sum of the two issued allowances was 91.73 million tons, far exceeding the allowable total of 87.6 million tons in 2017 announced at the end of last year.
According to the news, before May 5, more than 10 local refineries were successfully submitted to the official documents. Therefore, throughout 2017, the NDRC’s approval and issuance of quotas for local refineries will continue throughout the year. It is estimated that the total quota of imported crude oil used by local refineries will be around 120 million tons. However, Lin Boqiang, dean of the China Energy Policy Research Institute of Xiamen University, said that the second batch of allowances was officially issued, and there were additional adjustments in the later period. There are still variables.
Lin Boqiang told the reporter of China Times (China Times) that the demand for crude oil imports in China has been continuously enlarged, and the dependence on crude oil imports has exceeded 65%. The strategic reserve needs to be accelerated.
In fact, the reform of China's crude oil has begun to be piloted. In May, the "Opinions on Deepening the Reform of the Oil and Gas System" issued by the Central Committee of the Communist Party of China and the State Council mentioned the improvement of the oil and gas import and export management system and the enhancement of international and domestic resource utilization capabilities and market risk prevention capabilities. On May 5, the NDRC stopped accepting the application materials for crude oil processing enterprises to use imported crude oil to further regulate the use of imported crude oil.
November 03, 2021