China's Crude Oil Imports Plunge 41 Percent to Lowest Since 2016 Even as Overall Imports Hit a Record

China's crude oil imports fell 41 percent in June 2026 due to the Iran war, hitting their lowest level since October 2016, according to official General Administration of Customs data reported by Trading Economics. At the same time, China's total imports for the month rose 36.0 percent year on year to a record $286.76 billion, beating forecasts of 24 percent and marking the fastest growth since June 2021, driven by soaring chip prices and global demand for AI data center hardware. Natural gas imports climbed to a five month high of 10.93 million tons, and coal imports jumped 30 percent after mine safety crackdowns curbed domestic supply, while copper and iron ore imports also rose. In the first half of 2026, China's total imports increased 26.6 percent to $1.55 trillion.