TOKYO: Japan’s customs-cleared crude oil imports fell 7.1% in the 2024 financial year from a year earlier, while the value of imported crude oil declined 5.7% to 10.65 trillion yen ($74.7 billion) due to lower oil prices, the Ministry of Finance (MOF) said on Thursday.

Japan, the world’s fourth-biggest crude buyer, imported 2.32 million barrels per day (134.67 million kilolitres) of crude oil for the year ended March 31, the preliminary data showed.

It marked the second consecutive year-on-year decline in volume and value, the MOF said.

Japan’s imports of liquefied natural gas (LNG) in volume rose 1.5% to 65.87 million metric tons in the last financial year, while the value of imported LNG climbed 2% to 6.17 trillion yen.

Imports of thermal coal for power generation increased by 7.4% to 105.46 million tons, while the value of imported thermal coal fell 11.9%, the data showed.

For March, crude oil imports fell 13.6% to 2.19 million bpd (10.78 million kilolitres) of crude oil, the MOF said.

Japan’s imports of LNG totaled 5.15 million tons last month, down 7.2% from a year earlier.

Imports of thermal coal for power generation increased by 8.8% in March to 8.31 million tons, the data showed.

Following is a preliminary breakdown of energy imports for last month, with volumes of crude, oil products and gasoline/naphtha in million kilolitres; LNG, LPG and coal in million tons; values in million yen.

Reuters