---
title: "China's Crude Oil Imports Fall to Three-Year Low in April, Soybean Imports Surge Nearly 40% Year-on-Year, Aluminum Exports Hit 17-Month High"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285799179.md"
description: "Affected by the near-disruption of cargo traffic in the Strait of Hormuz, China's crude oil imports in April fell approximately 20% year-on-year to 38.47 million tons; natural gas imports dropped about 13% year-on-year; and refined oil product exports plunged roughly 38% to their lowest level in nearly a decade. In contrast, soybean imports surged nearly 40% year-on-year to 8.48 million tons, boosted by seasonal supplies from both the United States and Brazil"
datetime: "2026-05-09T06:25:37.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285799179.md)
  - [en](https://longbridge.com/en/news/285799179.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285799179.md)
---

# China's Crude Oil Imports Fall to Three-Year Low in April, Soybean Imports Surge Nearly 40% Year-on-Year, Aluminum Exports Hit 17-Month High

With cargo traffic in the Strait of Hormuz nearly disrupted, China's imports of crude oil and natural gas both declined sharply in April. Seasonal supplies of U.S. soybeans and Brazilian crops drove a significant rise in soybean imports. Imports of certain metals, such as aluminum, also strengthened against the trend.

On May 9, data released by the General Administration of Customs showed that **crude oil imports in April fell approximately 20% year-on-year to 38.47 million tons, the lowest level since July 2022**; natural gas imports decreased by about 13% year-on-year to 8.42 million tons.

The near-disruption of cargo traffic in the Strait of Hormuz was the direct trigger for this sharp drop in energy imports, with the impact extending from upstream crude supply to downstream refined product exports—**refined oil product exports in April plummeted approximately 38% year-on-year to 3.12 million tons, the lowest in nearly ten years.**

In contrast to the comprehensive contraction in energy imports, **soybean imports in April surged nearly 40% year-on-year to 8.48 million tons,** driven by U.S. shipments and seasonal supplies from Brazil.

Notably, while the Persian Gulf is also a key source of aluminum supply, leveraging its status as the world's largest aluminum producer, **China's aluminum exports in April grew approximately 15% year-on-year to 598,000 tons, reaching a new high since November 2024.**

## Energy Imports Such as Crude Oil and Natural Gas Under Comprehensive Pressure

The Middle East typically accounts for about half of China's crude oil import sources and provides nearly one-third of its liquefied natural gas (LNG).

**The crude oil import volume of 38.47 million tons not only marked a significant year-on-year decline but was also lower than the March level**—March figures still included some cargoes that had departed from the Persian Gulf before the U.S. and Israeli airstrikes on Iran on February 28.

Regarding LNG, ship tracking data from commodity analytics firm Kpler indicates that China's LNG purchases in April fell to an eight-year low, with the contraction in maritime shipping being quite significant.

**Although a natural gas shortage should have boosted substitute demand for coal, coal imports in April also fell approximately 13% year-on-year to 33.08 million tons, the lowest since June last year,** mainly because relatively high prices for imported coal prompted China to rely on domestic production capacity to fill the gap.

Tightening energy supply transmitted effects to the downstream refining sector. Due to concerns about domestic energy shortages, China prioritized allocating refined oil products for domestic consumption, **causing exports of refined products such as diesel and gasoline to plunge to 3.12 million tons.**

**In terms of metal imports**, copper imports rose slightly to 452,000 tons, benefiting from the decline in international copper prices in March amid global economic growth concerns triggered by the war; however, copper concentrate imports fell approximately 20% year-on-year to 2.35 million tons, a notable drop from the record levels of the same period last year. Iron ore imports remained relatively stable at approximately 104 million tons.

In the agricultural sector, **soybean imports in April surged nearly 40% year-on-year to 8.48 million tons**, with U.S. shipments and seasonal supplies from Brazil jointly driving this growth.

## Aluminum Exports Hit 17-Month High

The Persian Gulf is also a major source of aluminum supply, but by virtue of its position as the world's largest aluminum producer, China partially offset this import gap and converted excess capacity into increased exports.

Aluminum exports grew approximately 15% year-on-year to 598,000 tons, hitting a 17-month high.

**Steel exports, however, performed weakly**, falling approximately 9% year-on-year to 9.5 million tons. Analysts pointed out that the Middle East has become an important buyer for Chinese steel mills in recent years, and turmoil in the region has directly suppressed related demand.

Data released by the General Administration of Customs shows:

> Refined oil product exports in April were 3.119 million tons; cumulative exports from January to April totaled 15.866 million tons, a year-on-year decrease of 9%.
> 
> Exports of unwrought aluminum and aluminum materials in April were 598,000 tons; cumulative exports from January to April totaled 2.053 million tons, a year-on-year increase of 8.9%.
> 
> Steel exports in April were 9.498 million tons; cumulative exports from January to April totaled 34.214 million tons, a year-on-year decrease of 9.7%.
> 
> Rare earth exports in April were 5,308.6 tons; cumulative exports from January to April totaled 19,887.6 tons, a year-on-year increase of 4.9%.
> 
> Fertilizer exports in April were 3.236 million tons; cumulative exports from January to April totaled 11.39 million tons, a year-on-year increase of 17.5%.

The latest data released today also shows that China's exports to the U.S. in April turned positive year-on-year, rising to 11.3%. Lynn Song, Greater China Chief Economist at ING, stated,

> Trade with the U.S. may continue to improve this year, with semiconductor and automobile exports becoming the main pillars of China's external demand. Export growth to Europe, Southeast Asia, Latin America, and Africa will also continue to contribute.

## Divergence Between Import Prices and Volumes Across Multiple Categories in April

According to data from the General Administration of Customs, the trend of divergence between prices and volumes continued across multiple categories, highlighting the price-driven nature of this surge in imports.

> Crude oil import volume fell nearly 20%, yet import value rose by 9%;
> 
> Imports of unwrought copper and copper materials increased by only 3%, while import value surged by 33%;
> 
> Imports of copper ore and concentrates fell by 20%, yet import value jumped by 12%
> 
> The value of integrated circuit imports grew by approximately 49%, while import volume increased by only 11%.

**By volume**, China's imports of soybeans, integrated circuits, and unwrought copper and copper materials in April increased year-on-year by 39.42%, 11.26%, and 3.2%, respectively.

Imports of refined oil products, crude oil, and copper ore and concentrates fell year-on-year by 49.27%, 19.95%, and 19.56%, respectively.

**By value**, China's import values for integrated circuits, soybeans, and unwrought copper and copper materials in April increased year-on-year by 48.81%, 44.13%, and 33.14%, respectively.

Import values for refined oil products, natural gas, and coal and lignite fell year-on-year by 29.06%, 17.81%, and 9.55%, respectively.

Data released by the General Administration of Customs shows:

> China's crude oil imports in April were 38.471 million tons; cumulative crude oil imports from January to April totaled 185.292 million tons, a year-on-year increase of 1.3%.
> 
> Refined oil product imports in April were 1.809 million tons; cumulative imports from January to April totaled 14.477 million tons, a year-on-year increase of 12.5%.
> 
> Coal and lignite imports in April were 33.083 million tons; cumulative imports from January to April totaled 149.360 million tons, a year-on-year decrease of 2.1%.
> 
> Natural gas imports in April were 8.418 million tons; cumulative imports from January to April totaled 36.535 million tons, a year-on-year decrease of 6.2%.
> 
> Soybean imports in April were 8.478 million tons; cumulative soybean imports from January to April totaled 25.15 million tons, a year-on-year increase of 8.5%
> 
> Iron ore and concentrate imports in April were 103.854 million tons; cumulative imports from January to April totaled 418.587 million tons, a year-on-year increase of 8%.
> 
> Imports of unwrought copper and copper materials in April were 452,000 tons; cumulative imports from January to April totaled 1.567 million tons, a year-on-year decrease of 9.8%.
> 
> Imports of copper ore and concentrates in April were 2.352 million tons; cumulative imports from January to April totaled 9.915 million tons, a year-on-year decrease of 0.8%.

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