Iran War Exerts Triple Pressure on Chinese Economy: Oil Imports Hit 3-Year Low

The Iran war has brought triple pressure on the Chinese economy, including energy supply instability, rising manufacturing costs, and shrinking export markets. China's crude oil imports in April fell to a three-year low, while soybean imports surged.

Mon May 11 2026

Iran War's Triple Blow to Chinese Economy

According to China's General Administration of Customs' April foreign trade data, the impact of the Iran war is becoming evident as China's crude oil imports have plummeted to a three-year low. The Chinese economy is currently facing a triple pressure of unstable energy supply, increased manufacturing costs, and a contracting export market. Notably, the blockade of the Strait of Hormuz, through which approximately one-fifth of global crude oil and natural gas shipments pass, has pushed international oil prices above 100 U.S. dollars per barrel, with natural gas prices also seeing a significant rise.

Plunge in Energy Imports and Surge in Soybean Imports

China's crude oil imports in April decreased by about 20% year-on-year to 38.47 million tons, marking the lowest level since July 2022. Natural gas imports also fell by approximately 13% to 8.42 million tons. In stark contrast to the overall decline in energy imports, soybean imports in April surged by nearly 40% year-on-year to 8.48 million tons. Soybeans are used not only for food but also widely as a primary raw material for biodiesel production. The simultaneous decrease in energy imports and increase in soybean imports indicate the complex economic shifts in China driven by the Iran war.

*Source: 大纪元 (2026-05-11)*

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