Chinese imports of natural gas jumped by nearly 21% during the first four months of 2024 compared to the same period in 2023, according to Chinese customs data published Thursday, May 9. This comes amid an overall increase in the country’s exports and imports in April, following a contraction the previous month.
The world’s largest economy by purchasing power parity (PPP) imported 43 million tonnes of natural gas between January and April 2024, an increase of 20.7% year-on-year, Chinese customs report. April alone saw imports of 10.3 million tonnes, highlighting the continued momentum in gas imports.
According to the Canadian site Natural Gas Worldthe sharp rise in gas imports can be attributed to the decline in global LNG prices.
In fact, the average import price of gas fell by 15% over the period, according to customs data. China imports gas via pipeline and in liquefied form, but the customs declaration does not provide a breakdown of imports by type.
On the other hand, we learn that the total value of gas purchased during the first four months of the year amounted to more than 21 billion dollars.
The Asian nation also imported 28.6% more refined petroleum products, and 2% more crude during the reporting period compared to last year.
Chinese imports from Russia increased last month, as did those from the United States and the EU, despite a decline in exports to all three countries, according to CNBC calculations.
Russia is the largest exporter of energy to China. In 2023, the country’s purchases of oil from Russia increased by 24% year-on-year, and those of LNG by 23%. Gas deliveries via the Power of Siberia pipeline increased 1.5 times last year to 22.7 billion cubic meters (bcm).
Russia has redirected its energy exports to Asia after losing customers in Europe due to Western sanctions linked to the Ukrainian conflict.
China also receives LNG from Australia and Qatar, as well as pipeline gas from Central Asian countries.
