According to Customs statistics, from January through May 2007, China’s crude oil import reached 67.43 mn tons, up by 9.6% over the same period last year while China’s crude oil export saw a 36.6% decline and totaled 1.6 mn tons.

　　Analyst from China Petrochemical Corporation indicated that the increase in China’s crude oil import was mainly attributed to China’s rapid economic growth and the rise in domestic processing volume of crude oil.

　　He said that China’s sharp drop in crude oil export during the first five months of 2007 was caused by the 5% export duty on crude oil, which was first imposed in last November.

　　From January through May, China imported 14.79 mn tons of oil products, up by 4.5% over the same period last year; meanwhile, its export of oil products went up by 22.2% and reached 6.47 mn tons while China’s net import of oil products totaled 8.32 mn tons, declined by 6% over the corresponding period last year.

　　According to statistics released by National Bureau of Statistics of China, from January through May, China’s output of crude oil amounted to 77.51 mn tons, up by 1.7% over the same period last year.

 
Source: English Site of General Office/Chinese Version of MOFCOM

Translated by Network Center of MOFCOM