China’s import and export value from January to November totaled RMB37.96 trillion, basically the same as in the first 11 months of 2022, according to data the General Administration of Customs issued on December 7. In detail, export value was up 0.3% YoY to RMB21.6 trillion, import value was down 0.5% YoY to RMB16.36 trillion, and trade surplus expanded by 2.8% YoY to RMB5.24 trillion.

In the first 11 months of 2023, China imported 516 million tons (up 12.1% YoY) of crude oil at the price of RMB4 192/t, down 13.1% YoY. Import volume of coal soared by 62.8% YoY to 427 million tons, but import price fell by 19.6% YoY to RMB785.1/t. Around 107 million tons of natural gas were imported, with the import price declining by 11.4% YoY to RMB3 715/t.