The data clearly shows that the imports were far below the estimated values for August - for obvious reasons.
The analysts, however, are particularly concerned about China's
muted interest in sticking to its buying spree that it used to pursue at the
height of the pandemic, while cashing in on record-low prices in the global
markets.
The arrival of crude oil, bought on the cheap, at an
increased rate had created a logistical challenge for the world's largest crude
oil importer during the pandemic. Crude oil remained in tankers offshore for
weeks before being distributed across vast networks of storing facilities.
In addition, there are reports that show oil, destined to be in
China, is still in regional hubs too, until it gets the green light to move
towards Chinese ports.
In India, meanwhile, there is a significant drop of oil imports
during August; since it is still struggling to keep the pandemic at bay, the
situation may not dramatically improve in the coming weeks.
The imports from Japan have fallen from the estimated values for
August as well.
In short, the decline in imports can be easily attributed to the
direct impact on the Asian economies by the coronavirus pandemic.
