Seaborne coal exports have experienced a significant decline, particularly due to China’s restrictions on imports. According to Banchero Costa, coal imports into Mainland China dropped by 7.3% year-on-year to 87.4 million tons in the first quarter of 2025. Other countries also reported declines, with India’s imports decreasing by 10.1% to 53.9 million tons, and South Korea’s dropping by 20.0% to 23.8 million tons.
In contrast, Japan’s imports saw a slight increase of 0.9% to 39.4 million tons. The European Union recorded a 5.5% rise to 16.1 million tons, while Vietnam’s volumes surged by 24.9% to 16.6 million tons. China remains the world’s largest seaborne coal importer, accounting for 31.2% of the global market in 2024.
This was ahead of India with 17.3% and Japan with 11.5%. In 2024, China’s total seaborne coal imports reached a record high of 427.1 million tons, marking a 15.9% increase from 368.4 million tons in 2023. However, in the first quarter of 2025, imports into China fell to 87.4 million tons, a decline from 80.6 million tons in the same period of 2023 and 44.2 million tons in 2022.
In terms of shipping vessels, Panamax vessels carried the majority of coal volumes into China in 2024, accounting for 52.3%, followed by Supramax and Ultramax with 23.4%. Indonesia continues to be the dominant supplier, responsible for 55.5% of China’s coal imports, although volumes from Indonesia declined by 11.3% year-on-year in early 2025. Australia, now the second-largest supplier, saw a slight decrease but remains significantly higher than in previous years.
Coal shipments from Russia also declined in the same period, while volumes from Canada and the USA increased sharply.