China’s import and export data
China’s total exports rose 8% YoY (year-over-year) in April 2017, which wasn’t as good as exports in March. In March, exports rose 16.4% YoY. China’s imports in April rose 11.9% YoY—lower than last month’s rise of 20.3% YoY. Also, April’s imports and exports were lower than Reuters’ forecast.
April’s crude oil imports
China’s crude oil imports hit an all-time high in March. April’s crude oil imports have eased from that level. Total crude oil imports came in at 34.39 million tons—compared to 39 million in March. On a daily basis, ~8.37 MMbpd (million barrels per day) were imported—9% down from March’s imports of 9.17 MMbpd. In April, many Chinese refineries entered their annual maintenance schedule, which caused imports to ease.
China’s imports in April 2017 are 5.5% higher than the same period last year
China’s oil imports for the first four months of 2017 totaled 139.12 million tons—12.5% higher than the same period last year.
Higher tanker rates benefit crude oil tanker companies such as Frontline (FRO), Teekay Tankers (TNK), Tsakos Energy Navigation (TNP), Nordic American Tankers (NAT), DHT Holdings (DHT), Gener8 Maritime (GNRT), Navios Maritime Midstream Partners (NAP), and Euronav (EURN). In the next part of this series, we’ll take a look at China’s broader economic health