May 20 Reuters China39;s imports of fuel oil rose 10 in April from a year earlier to 2.93 million metric tons, data from the General Administration of Customs showed on Monday, which is the highest level since at least 2020 according to Reuters39; records.

The April imports were 48 higher than in March, as traders brought in more shipments from Venezuela and Iran, according to trading sources familiar with the transactions.

The import volumes included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage.

Imports into the bonded tanks reached 2.21 million tons, also the highest since at least 2020.

Higher supplies from Venezuela due to the relaxation of sanctions contributed to the higher volumes. Refiners39; margins processing the heavier materials were also supportive, said one Chinese trading executive.

Imports trended higher as some refiners ramped up purchases before prices strengthened further, amid a global rally in the high sulphur fuel oil market in the second quarter this year.

Meanwhile, fuel oil export volumes, mostly of lowsulphur fuel oil, in April were at 1.64 million tons, up 10 from the corresponding month last year.

Exports rose from the same month last year as global bunker demand firmed amid geopolitical shipping disruptions this year.

The exports are measured mostly by sales from bonded storage for vessels plying international routes.

The tables below show China39;s fuel…