BEIJING: China released its trade data for December. In dollar terms, the country’s exports rose 10.9% YoY imports rose 4.9%. The data deteriorated from November. Chinese exports rose 12.3% YoY, while its imports rose 17.7% in November. China’s exports were better than expected. In December, China’s crude imports dropped from the second-highest level of imports recorded in November. In December, China’s crude oil imports were 33.7 million tons down from 37.04 million tons in the previous month. On a daily basis, China imported 7.94 compared to 9.01 MMbpd in November. Its imports fell 12% from the previous month. Most of China’s crude imports are carried out through crude oil tankers. It’s one of the largest importers in the world. Around 60% of China’s oil consumption comes through imports. Typically, higher crude oil imports mean higher crude oil tanker demand. Higher crude tanker demand translates to higher rates for tankers.
