China’s Crude Demand Soars As Maintenance Season Comes To An End

9 Jun 2017   China

Thanks to a 13 percent surge in crude imports (as refiners prepare for maintenance season), China’s trade surplus hit its highest since Jan (though -4 percent YoY). Imports (+14.8 percent YoY) and Exports (+8.7 percent YoY) both beat expectations. China’s overseas shipments accelerated in May from a year earlier, as Bloomberg suggests global demand shows signs of picking up. (Click to enlarge) Exports rose 8.7 percent in May in dollar terms, the customs administration said Thursday. Imports increased 14.8 percent, leaving a trade surplus of $40.81 billion dollars. (In yuan terms, exports rose 15.5 percent and imports surged 22.1 percent, bringing the trade balance to 281.6 billion yuan.) A brighter international outlook may provide support to the world’s largest trading nation, with the World Trade Organization saying it expects trade to “expand moderately” in the second quarter. Still, after a robust start to the year, the domestic economy is […]

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