China's Commodity Imports Reflect Impact of Strait of Hormuz Conflict
China's commodity imports have been affected by the ongoing conflict in the Strait of Hormuz, with data showing a sharp decline in crude oil arrivals but rising trade in metals.
The country's imports of crude oil fell to 9.37 million barrels per day (bpd) in April, the lowest level in almost four years, due to a 20% drop from the same month last year.
This decline is attributed to seaborne imports from the Middle East decreasing sharply amid the effective closure of the Strait of Hormuz since the US and Israel attacked Iran on February 28.
China received only 648,000 bpd through the Strait of Hormuz in April, down from an average of 4.07 million bpd in the three months preceding the conflict.
The drop in China's crude oil imports has helped ease a squeeze in crude supply in Asia, but this is more of a coincidence rather than any sign of altruism on China's part.