(MENAFN) China's appetite for natural gas has surged in the first four months of 2024, as evidenced by a significant increase in imports, according to customs data released on Thursday. Import volumes of natural gas soared by nearly 21 percent compared to the same period in 2023, with the country importing a total of 43 million tonnes during January-April. April alone witnessed imports of 10.3 million tonnes, indicating sustained momentum in gas imports.

The surge in natural gas imports has been attributed to softer global liquefied natural gas (LNG) prices, as reported by Canadian outlet Natural Gas World. This price trend is reflected in the customs data, which revealed a 15 percent drop in the average import price of gas over the period. While China imports gas both via pipelines and in liquefied form, the customs statement did not provide a breakdown of imports by type. Nevertheless, the total value of gas purchased during the first four months of the year surpassed USD21 billion.

In addition to the remarkable increase in natural gas imports, China also experienced a notable uptick in the import of refined oil products, rising by 28.6 percent compared to the same period last year. Furthermore, crude oil imports increased by 2 percent over the reporting period, underscoring China's continued reliance on imported energy resources to meet its growing energy needs.

The surge in natural gas and oil imports reflects China's ongoing efforts to secure energy resources to fuel its expanding economy. As the world's largest economy by purchasing power parity (PPP), China's energy demands are substantial, and these import figures underscore its strategic importance in global energy markets.

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