China oil imports jump 22% in July as retail sales miss forecasts
This digest was compiled by AI from multiple sources — links to the originals are below.
Chinese crude oil imports rebounded 22% in July from a decade low in June to 8.45 million barrels per day, customs data showed. Retail sales rose 0.6% year on year and industrial output grew 4.5%, both below analyst expectations. The weak start to the third quarter raised concerns about crude demand in the coming months.
Key Facts
- Total Chinese crude oil imports rose 22% in July from June to 8.45 million barrels per day, customs data showed.
- Retail sales in China increased 0.6% in July from a year earlier, below the 1.5% growth expected in a Reuters poll.
- Industrial output grew 4.5% in July year-on-year, below the 4.8% expectation and down from 5.3% in June.
- China's economy grew 4.3% in the second quarter, the slowest GDP growth since 2022.
July Economic Data
China began the third quarter with weaker-than-expected key economic indicators, raising concerns about its economy and crude demand in the coming months. Retail sales increased 0.6% in July from a year earlier, down from 1% growth in June and below the 1.5% expected in a Reuters poll. Industrial output rose 4.5% in July versus 4.8% expected growth, slowing from a 5.3% rise in June. The Chinese economy expanded 4.3% between April and June, the smallest GDP growth since 2022.
Crude Imports and Stockpiling
Total Chinese crude oil imports rebounded in July from a decade low in June, jumping 22% to 8.45 million barrels per day, customs data showed. China actively buys crude at low prices to stockpile reserves, enabling it to reduce imports if prices spike or supply is choked, as seen during the Middle East crisis. The supply cushion made China instrumental in capping global oil prices despite Middle East turmoil, because the world's largest importer can pause imports.
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China oil imports jump 22% in July as retail sales miss forecasts
