REUTERS/Dado Ruvic/Illustration/Files Acquire Licensing RightsSummary Crude imports jump 30.9% from last year to 12.43 million bpdNatural gas imports up 22.7% from last yearRefined fuel exports rise month-on-monthBEIJING, Sept 7 (Reuters) - China's crude oil imports surged in August, customs data showed on Thursday, as refiners built inventories and increased processing to benefit from higher profits from exporting fuel.
China's imports have increased from last year since domestic fuel demand is no longer being suppressed by widespread curbs to tackle the COVID-19 pandemic.
However, the broader outlook for China's economy remains gloomy, with a weaker property sector and sluggish domestic consumption weighing on fuel demand.
read moreAt the same time, oil product exports are rising as refiners cash in on rising profit margins from selling fuel overseas.
Refined fuel exports last month rose to 5.89 million tons, customs said, up from 5.31 million tons in July and 23.3% than a year earlier.
Persons:
Dado Ruvic, Xu Peng, Xu, Andrew Hayley, Tom Hogue
Organizations:
REUTERS, Administration, Customs, Citi, Thomson
Locations:
BEIJING, China, Beijing