As China customs administration released their preliminary trade figures and full-year numbers for major commodities imports and exports today for December 2019, we take a look at some of the overarching trends. Oil and products trade Chinese trade data shows crude oil imports in December averaged 10.75MMbbls/d (up 4% year-on-year), which has taken total crude oil imports over the course of 2019 to a record 10.16MMbbls/d, and up 9.5% YoY. Additional refining capacity in the country continues to support crude oil imports, with the two large-scale refineries Hengli and Zhejiang ramping up 400Mbbls/d and 200Mbbbls/d of ... (full story)