Official customs data reveals a complex energy picture as the country navigates global supply volatility. While fuel oil—primarily used for maritime shipping—saw a significant monthly surge, overall refined product exports fell by 18.3% to 4.36 million tons. This decline reflects ongoing government restrictions aimed at balancing domestic supply needs against international market pressures. Over the first half of 2026, total fuel oil exports reached 10.87 million metric tons, a 7.7% increase compared to the previous year.

The uptick in shipments stems largely from attractive pricing, which drew increased interest from the shipping sector during the latter half of the month. Import activity also showed signs of life in June, rebounding 76% from the record lows observed in May. Despite this recovery, total fuel oil imports for the first half of the year remain 3.6% below 2025 levels, totaling 9.39 million tons. These fluctuations follow a volatile period earlier this spring when Beijing briefly ordered energy firms to freeze shipments amid disruptions in the Strait of Hormuz, only beginning to loosen those constraints in April as domestic inventories stabilized.