China's crude oil imports in May fell 29% year-on-year, soybean imports dropped 15% year-on-year, and aluminum exports surged 16%.

June 9th, the General Administration of Customs announced the latest data showing that crude oil imports in May fell 29% year-on-year to about 33.1 million tons, equivalent to a daily average of about 7.8 million barrels. Imports of several energy and agricultural products showed declines in May compared to the previous year. Refined oil imports fell 58% year-on-year. Aluminum exports grew 16% year-on-year to 630,000 tons. Crude oil imports fall to a multi-year low, soybean imports in May down 15% year-on-year Data shows that China’s crude oil imports in May were about 33 million tons, equivalent to a daily average of about 7.8 million barrels, while the year-to-date daily average import in 2025 is about 11.6 million barrels. According to commodity data agency Kpler, the main strategy for Chinese refineries dealing with this situation has not been large-scale switching to alternative oil sources, but increasingly relying on their own inventories to maintain production. In terms of refined oil, the refined oil imports in May plunged 58% year-on-year. For natural gas imports, May recorded 10.1 million tons, unchanged from last year. Despite disruptions to Qatar’s liquefied natural gas supply, Chinese buyers have been actively seeking other sources to fill the gap, and the arrival of the summer peak in energy usage has further increased procurement pressure. Soybean imports in May dropped 15% year-on-year, but the absolute volume has rebounded significantly compared to April. With more American soy cargoes clearing customs and Brazilian supplies supplementing for longer, the pace of imports has sped up. Aluminum exports surge, integrated circuit exports soar 111% In marked contrast to energy products, aluminum exports expanded sharply in May. Conflicts in the Middle East have damaged key export infrastructure and severely restricted shipping capacity in the Persian Gulf region, creating a supply gap in the global aluminum market and pushing prices higher. Chinese smelters ramped capacity up to the limit, and May’s aluminum exports grew 16% year-on-year to 630,000 tons. China's position as the world's largest aluminum producer was further highlighted, as expanded exports effectively met this released global demand. Notably, according to a WallstreetCN report, China’s overall May export data far exceeded market expectations, as a wave of AI investment drove a surge in demand for chips and high-tech products. General Administration of Customs data show that China’s May exports (in USD terms) increased 19.4% year-on-year, previous reading was up 14.1%; imports rose 27.4%, previous up 25.3%; trade surplus was $105.43 billion, previous was $84.82 billion. Data show that exports of automatic data processing devices surged 66.1% year-on-year, overall high-tech products grew 50.9%, automobile exports increased 39%, all benefiting from accelerated investment in global AI infrastructure and demand for semiconductors and advanced electronics. In May, the year-on-year growth rate of computer and parts exports further accelerated from April’s 47% to 66%, the fastest since 2010; integrated circuit exports surged 111% year-on-year, the highest single-month increase since 2013. In April, semiconductors and computers accounted for half of the growth in China’s exports. Imports also showed strong performance, as companies actively bought overseas chips and equipment, with Korean semiconductor exports to China surging over 200% year-on-year in May. Additionally, the Strait of Hormuz is also a global chokepoint for fertilizer transport. To ensure domestic supply, China’s fertilizer exports in May fell 5.5% year-on-year to 2.97 million tons. Steel exports also softened. According to Mysteel data, steel exports in May fell 2.2% year-on-year to 10.3 million tons, as inflationary pressures from war made overseas buyers more cautious and reduced purchase willingness. May refined copper imports slightly down month-on-month, coal imports down 8% year-on-year In May, imports of unwrought copper and copper products fell 1.33% month-on-month to 446,000 tons, continuing the recent weak trend. The cumulative import volume for the first five months this year is 2.01 million tons, down 7% year-on-year, showing overall import demand this year continues to be lower than last year. By contrast, imports of copper concentrate and copper ore showed slightly stronger resilience. Imports of copper concentrate in May were 2.36 million tons, up 0.38% month-on-month; cumulative imports from January to May were 12.28 million tons, with the year-on-year decrease narrowing to 1%. The diverging trends in concentrate and refined copper imports partly reflect that domestic smelting demand for processing remains relatively stable, while downstream demand for refined copper has weakened. Coal imports in May fell 8% year-on-year to 33.27 million tons, a clear correction for the year. However, month-on-month, May’s import was about 1% higher than April’s 33.1 million tons, indicating the short-term import pace has not further worsened. From January to May, cumulative coal imports were 182.62 million tons, down 3.2% year-on-year. Overall, cumulative imports this year remain below last year’s levels, reflecting domestic supply stabilization and structural adjustment on the demand side. By quantity, China’s imports in May of unwrought copper and copper products, natural gas, and iron ore and concentrates rose 4.45%, 0.02%, and fell 0.43% year-on-year, respectively. Imports of refined oil, crude oil, and soybeans fell 58.02%, 29.01%, and 15.28% year-on-year, respectively. By value, China’s May imports of integrated circuits, unwrought copper and copper products, and copper concentrate increased 60%, 37.46%, and 27.91% year-on-year, respectively. Imports by value of refined oil, soybeans, and steel fell 31.55%, 13.95%, and 13.70% year-on-year, respectively. Risk Warning and Disclaimer The market has risks, investment needs caution. This article does not constitute personal investment advice, nor does it take into account individual users' specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are appropriate to their specific situation. Investment based on this is at your own risk.