CHINA overtook the United States as the world’s top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy.

    China’s crude oil imports hit a record of almost 7.4 million barrels a day (bpd) last month, putting it ahead of the United States’ estimated imports of 7.2 million bpd for April, Reuters data show.

    While China may drop back to second place in some months ahead, it is clearly headed towards overtaking the United States as the world’s top crude importer on a permanent basis.

    With oil prices down 40 percent from last June’s highs, China has been adding to its strategic reserves, although some analysts say imports may now pull back as the country starts to run out of storage space.

    China’s exports unexpectedly fell 6.4 percent for the month while imports tumbled by a deeper-than-forecast 16.2 percent.

    The country’s coal imports plunged and shipments of other commodities generally eased on a year earlier amid a sluggish economy.

    Coal imports by the world’s top coal burner fell 26 percent from a year ago, extending a sharp scaleback in the first quarter due to weak demand, ample domestic supplies and tighter environmental controls.

    “Demand for thermal coal is terribly weak, while domestic supplies are plentiful,” said a Beijing-based coal trader.

    Thermal power generation, predominantly fired by coal, fell nearly 4 percent in the first quarter of the year, as the world’s second-largest economy shifted away from energy-guzzling sectors and boosted cleaner fuels such as hydro, nuclear and wind.

    Copper imports fell 4.4 percent in April from a year earlier. Imports in the first four months dropped 14 percent on year earlier to 1.53 million tons, customs data showed.

    Iron ore imports inched down 0.4 percent to 80.21 million tons in April from March, and fell 3.8 percent from a year ago, as the faltering economy pressured demand for the steelmaking ingredient from the world’s top consumer.

    Steel mills, however, took advantage of lower production costs and healthy orders abroad and exported 10.9 percent more steel products last month versus March, despite the scrapping of an export rebate on boron-added steel products.

    April imports of soybeans were down 18.3 percent from a year ago after a truck strike in early March in Brazil, the world’s top exporter, delayed shipments.(SD-Agencies)