On June 9th, the latest data released by the General Administration of Customs showed that China's crude oil imports in May fell by 29% year-on-year to approximately 33.1 million tonnes, equivalent to about 7.8 million barrels per day.
Imports of several energy and agricultural products saw year-on-year declines in May. Imports of refined oil products dropped by 58% compared to the same period last year. Aluminium exports increased by 16% year-on-year to 630,000 tonnes.
Crude Oil Imports Hit Multi-Year Low, Soybean Imports Down 15% in May
Data indicates that China's crude oil imports in May were around 33 million tonnes, or about 7.8 million barrels per day, while the average daily import volume so far in 2025 has been approximately 11.6 million barrels.
According to the commodity data agency Kpler, the primary strategy for Chinese refineries to cope with this situation has not been to switch to alternative oil sources on a large scale, but rather to increasingly rely on their own inventories to maintain production.
Regarding refined oil products, imports in May plummeted by 58% year-on-year. For natural gas imports, May recorded 10.1 million tonnes, flat compared to the previous year. Despite disruptions to Qatari LNG supplies, Chinese buyers are actively seeking other sources to fill the gap, with the approaching summer peak energy demand season further intensifying procurement pressure.
Soybean imports in May fell by 15% year-on-year, but the absolute volume has rebounded significantly from April. As more U.S. soybean cargoes cleared customs, coupled with a continuous supply of Brazilian shipments, the pace of imports has accelerated.
Aluminium Exports Soar, Integrated Circuit Exports Surge 111%
In sharp contrast to energy commodities, aluminium exports expanded substantially in May.
Conflict in the Middle East has damaged export infrastructure in key producing regions and severely constrained shipping capacity in the Persian Gulf, creating a supply gap in the global aluminium market and pushing prices higher.
Chinese smelters have ramped up production to capacity limits, with aluminium exports in May rising 16% year-on-year to 630,000 tonnes. This further highlights China's position as the world's largest aluminium producer, effectively absorbing this portion of released global demand through increased export volumes.
It is noteworthy that China's May export data comprehensively exceeded market expectations, with an AI investment boom driving a surge in demand for chips and high-tech products.
Data released by the General Administration of Customs shows that China's exports in May (in USD terms) increased by 19.4% year-on-year, compared to a previous increase of 14.1%; imports grew by 27.4%, compared to a previous increase of 25.3%; the trade surplus was $105.43 billion, compared to a previous $84.82 billion.
The data shows that exports of automatic data processing equipment surged by 66.1% year-on-year, high-tech products overall grew by 50.9%, and automobile exports increased by 39%, all benefiting from demand for semiconductors and advanced electronics driven by the acceleration of global AI infrastructure investment.
Exports of computers and components in May accelerated further from a 47% year-on-year increase in April to 66%, marking the fastest growth rate since 2010. Exports of integrated circuits skyrocketed by 111% year-on-year, the largest monthly increase since 2013.
In April, semiconductors and computers already accounted for half of China's export growth.
The import side also showed strong performance, with companies actively purchasing overseas chips and equipment. Notably, South Korea's semiconductor exports to China surged by over 200% year-on-year in May.
Furthermore, the Strait of Hormuz is also a critical choke point for global fertilizer transportation. To ensure domestic supply, China's fertilizer exports in May fell by 5.5% year-on-year to 2.97 million tonnes.
Steel exports also softened. According to Mysteel data, steel product exports in May decreased by 2.2% year-on-year to 10.3 million tonnes, as inflationary pressures from the war made overseas buyers more cautious, dampening their purchasing appetite.
Refined Copper Imports Dip Slightly Month-on-Month in May, Coal Imports Fall 8% Year-on-Year
Imports of unwrought copper and copper products in May fell by 1.33% month-on-month to 446,000 tonnes, continuing the recent weak trend. Cumulative imports for the first five months of the year reached 2.01 million tonnes, a decline of 7% year-on-year, indicating that overall import demand for the year has remained below last year's levels.
In contrast, imports of copper concentrates and ores showed some resilience. Copper concentrate imports in May were 2.36 million tonnes, a slight month-on-month increase of 0.38%. Cumulative imports from January to May were 12.28 million tonnes, with the year-on-year decline narrowing to 1%.
The divergent trends between concentrate and refined copper imports reflect, to some extent, that domestic smelting demand remains relatively stable, while downstream consumption's pull on refined copper has weakened.
Coal imports in May fell by 8% year-on-year to 33.27 million tonnes, a significant correction for the year. However, on a month-on-month basis, May imports increased slightly by about 1% compared to April's 33.1 million tonnes, indicating that the short-term import pace has not deteriorated further.
Cumulative coal imports for January to May were 182.62 million tonnes, down 3.2% year-on-year. Overall, the cumulative import volume for the year continues to lag behind the same period last year, reflecting a stabilization in domestic supply and structural adjustments on the demand side.
Calculated by volume, China's imports of unwrought copper and copper products, natural gas, and iron ore and its concentrates in May changed by +4.45%, +0.02%, and -0.43% year-on-year, respectively.
Imports of refined oil products, crude oil, and soybeans fell by 58.02%, 29.01%, and 15.28% year-on-year, respectively.
Calculated by value, China's import value of integrated circuits, unwrought copper and copper products, and copper ores and concentrates in May increased by 60%, 37.46%, and 27.91% year-on-year, respectively.
The import value of refined oil products, soybeans, and steel products fell by 31.55%, 13.95%, and 13.70% year-on-year, respectively.
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