According to China’s General Custom Administration, China's coal imports surged by nearly 62% in 2023, while crude oil imports rose by 11% (to nearly 564 Mt, and natural gas imports by almost 10%. China’s oil and coal imports thus reached a record high in 2023, while natural gas imports reached their second highest record (after the record high of 2021).
The increase in oil imports is justified by the increase of domestic passenger transport levels following the country's abrupt exit from Covid-19 pandemic restrictions in November 2022; domestic air traffic also rebounded strongly but Chinese diesel demand was weaker due to the slowdown in the construction sector and uncertain perspectives for the manufacturing sector. Coal imports surged as demand for commodities rebounded after the pandemic, while users turned to imports due to rising prices and diminished quality of domestic coal.
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