--- title: China’s crude oil imports rose in October against a deflationary backdrop and manufacturing contraction description: According to data from the General Administration of Customs and Mintec calculations, China imported an average of 11.58m barrels per day (bpd) in October, up from 11.18m bpd in September, a 3.6% m-o-m increase, representing a 13.5% y-o-y rise. image: https://www.mintecglobal.com/hubfs/21586430_Oil_Refinery-Nov-27-2023-02-45-31-7478-PM.jpg --- [![Mintec_by_expana_white](https://www.mintecglobal.com/hs-fs/hubfs/Mintec_Logo_Small_Use_Reversed_RGB-3.png?width=145&height=55&name=Mintec_Logo_Small_Use_Reversed_RGB-3.png "Mintec_by_expana_white")](https://www.mintecglobal.com) [![Mintec_by_expana_dark](https://www.mintecglobal.com/hs-fs/hubfs/Mintec_Logo_Small_Use_Mono_RGB%20(2).png?width=145&height=54&name=Mintec_Logo_Small_Use_Mono_RGB%20(2).png "Mintec_by_expana_dark")](https://www.mintecglobal.com) - ![Flags](https://cdn2.hubspot.net/hubfs/4080606/flag-button-round-250.png) ** - 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[![GET STARTED](https://no-cache.hubspot.com/cta/default/4080606/885beebf-1311-41e6-90cc-01c1a0614f69.png)](https://cta-redirect.hubspot.com/cta/redirect/4080606/885beebf-1311-41e6-90cc-01c1a0614f69) ![](https://px.ads.linkedin.com/collect/?pid=1609690&fmt=gif) # China’s crude oil imports rose in October against a deflationary backdrop and manufacturing contraction [back to insight ](https://www-mintecglobal-com.sandbox.hs-sites.com/our-insight-2018) November 27, 2023 1 mins read According to data from the General Administration of Customs and Mintec calculations, China imported an average of 11.58m barrels per day (bpd) in October, up from 11.18m bpd in September, a 3.6% m-o-m increase, representing a 13.5% y-o-y rise. ![](https://www.mintecglobal.com/hs-fs/hubfs/image-png-Nov-27-2023-02-46-22-0802-PM.png?width=497&height=316&name=image-png-Nov-27-2023-02-46-22-0802-PM.png) The Chinese economy again slipped into deflation in October at -0.2% y-o-y, while the manufacturing purchasing managers’ index (PMI) moved into contraction territory (marked by a value below 50) at 49.5; there was a rise in input cost inflation due to the elevated crude oil price and other raw materials. Industry sources state that domestic demand remains sluggish. Market sources, therefore, anticipate greater government stimulus to generate increased domestic demand. Additional data is required to understand the full ramifications for the Chinese economy and the consequent impacts on the crude oil market. ![](https://www.mintecglobal.com/hs-fs/hubfs/image-png-Nov-27-2023-02-48-36-3042-PM.png?width=425&height=281&name=image-png-Nov-27-2023-02-48-36-3042-PM.png) For reference, the Brent crude oil price (DH-0) [[Mintec Code: BCRD](https://www.mintecanalytics.com/workspace/commodity/search/BCRD)] was $80.58/barrel on 24th November, down 10.9% month-on-month, representing a 3.7% year-on-year decrease. Topics: [Energy & Transport](https://www.mintecglobal.com/top-stories/tag/energy-transport) ![Andrew Woods](https://www.mintecglobal.com/hubfs/MicrosoftTeams-image%20(137).png) Andrew Woods [## PRICE FORECASTING ## ![Mintec_logo_secondary_light](https://www.mintecglobal.com/hs-fs/hubfs/Redesign2018/Logos/Mintec_logo_secondary_light.png?width=120&name=Mintec_logo_secondary_light.png) Strengthen your buying strategy, control exposure to price risk Deliver future price predictions and hedging recommendations, by identifying key turning points and commodity trends.   LEARN MORE ](https://www.mintecglobal.com/forecasting) #### /You May Also Like ![Featured Image](https://www.mintecglobal.com/hubfs/Trade%20boat%20at%20the%20port%20of%20Miami-1.jpeg) [ANALYSIS: Black Sea Wheat Exports Face Logistical and Weather Challenges](https://www.mintecglobal.com/top-stories/analysis-black-sea-wheat-exports-face-logistical-and-weather-challenges) Grain markets in the Black Sea region are entering the second half of... 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