BEIJING: China's crude imports fell in the first half of 2013 compared with a year ago, raising the prospect that slowing growth in the world's second-largest economy may lead to lower-than-expected global fuel consumption this year.
With oil imports dropping and China warning of a "grim" trade outlook on Wednesday, the world's second-biggest oil consumer may not be the buoyant force it has been for oil markets in the past decade.
"There is most certainly a risk that global oil demand growth will miss forecasts because of the slowdown in China," said Ben Le Brun, an analyst at OptionsXpress in Sydney.
"And it will be not just oil, but most other commodities. The global forecasting agencies may have to play a bit of a catch up," he said.
The International Energy Agency trimmed its oil demand growth forecast for China in its monthly report in June due to slowing economic growth, but still expected Chinese fuel demand to account for nearly half of this year's rise in global consumption of around 790,000 barrels per day (bpd).
China's crude imports for January to June fell 1.4 percent from the same period last year to 5.57 million bpd, customs data showed on Wednesday, with analysts warning China's slowing economy could drag on oil arrivals the rest of the year.
Inbound shipments were down 4.4 percent from the previous month on a daily basis at 5.39 million bpd, the lowest monthly import rate since September of last year.
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