In the first five months of 2022, import volume of crude oil was down 1.7% YoY to 217 million tons, and average import price was RMB4 463/t, up 55.6% YoY, according to data the General Administration of Customs issued on June 9. Import volume of coal fell 13.6% YoY to 95.96 million tons, with average price soaring 105.3% YoY to RMB1 018.2/t. As for natural gas, import volume declined 9.3% YoY to 44.91 million tons, and average price rose 70.3% YoY to RMB3 815.3/t.

Jan-May import and export value was up 8.3% YoY to RMB16.04 trillion, including export value of RMB8.94 trillion (up 11.4% YoY) and import value of RMB7.1 trillion (up 4.7% YoY). Trade surplus expanded 47.6% YoY to RMB1.84 trillion.

More specifically, in the first five months of 2022, general trade import and export value was up 12% YoY to RMB10.27 trillion, accounting for 64% of the nation’s total. Export value was up 16.8% YoY to RMB5.71 trillion, and import value was up 6.5% YoY to RMB4.56 trillion. Processing trade import and export value was up 1.9% YoY to RMB3.3 trillion (20.6% of the nation’s total), with export value rising 2% YoY to RMB2.07 trillion and import value rising 1.7% YoY to RMB1.23 trillion.

In May, import and export value totaled RMB3.45 trillion, up 9.6% YoY; export value, RMB1.98 trillion, up 15.3% YoY; import value, RMB1.47 trillion, up 2.8% YoY; trade surplus, RMB502.89 billion, expanding 79.1% YoY.