China's April Imports, Exports Grow Over 10%

China's oil imports have fallen by 20% to their lowest level since 2022, while gas imports decreased by 13%. These declines occurred amid increasing disruptions to energy supplies originating from the Middle East, including a reported Hormuz transgression according to Chinese customs data. Estimates indicate the Middle East typically supplies China with about half of its crude oil imports and nearly a third of its liquefied natural gas imports. This decrease was attributed to disruptions of shipments through the Strait of Hormuz. Lu Daliang, Director of the Statistical Analysis Department of the General Administration of Customs, reported that China's foreign trade showed initial positive results this year.