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China’s gas imports up 8.8% in January-October, oil imports up 14.4%

Russia is the leading oil and gas exporter to China

BEIJING, November 7. /TASS/. China’s natural gas imports increased by 8.8% in January-October 2023 year-on-year to 96.5 mln tons, while oil imports rose by 14.4% to 473.21 mln tons, the General Administration of Customs of China reported.

In value terms, gas imports lost 7.3% in the reporting period to $51.1 bln, while crude supplies from other countries went down by 7.7% to $280.04 bln, according to figures released by the customs service.

In October, China’s gas and oil imports decreased by 13.4% month-on-month and increased by 7% to 8.78 mln and 48.96 mln tons, respectively. In value terms, gas supplies fell by 11.4% to $4.26 bln, while oil deliveries grew by 12.2% to $32.35 bln.

Russia is the leading oil and gas exporter to China. According to figures provided by the Chinese customs service, Russian oil imports to China added 8.2% in 2022 to 86.24 mln tons, while LNG supplies gained 44% to 6.5 mln tons. Pipeline gas deliveries via the Power of Siberia gas pipeline climbed by 49% in the reporting period to record 15.5 bln cubic meters, according to Russia’s statistics.

According to Beijing's official figures, China’s oil and gas imports rose by 41.4% to $365.51 bln and by 25.7% to $70.01 bln, respectively, in value terms in 2022, while in physical terms supplies fell by 0.9% to 508.27 mln tons and by 9.9% to 109.24 mln tons, respectively.

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