The imports of refined petroleum products in China have experienced significant fluctuations over the past decade, declining substantially from $32.03 billion in 2013 to $11.16 billion in 2016. However, a notable rise occurred in 2017, with a subsequent moderate increase from 2018 to 2023. As of 2023, the value stood at $17.69 billion. The year-on-year fluctuation shows a positive trend over the last two years with an average annual growth (CAGR) of -2.57% from 2018 to 2023. The forecasted data suggests a stabilizing trend with moderate growth expected, averaging a yearly increase of 0.68% towards 2028.
Future trends to monitor:
• The impact of global economic conditions on trade and imports.
• Potential shifts towards renewable energy sources and how this transformation affects petroleum product demand.
• Policy changes and new regulations affecting import and production capacities within China.
