China's oil exports increase, imports decline in Jan-Oct 2007

China's oil imports amounted to US$13.15 billion in the first 10 months of 2007, tumbling 3.2% year-on-year, according to customs sources.

In the first ten months last year, China totally imported 29.02 million tons of oil products, down 8.9% year-on-year. During the period, China's exports of refined oil surged 30.4% to 12.99 million tons. Sources said the main reason for the decrease in the imports and increase in exports is the price hike on the world oil markets.

The primary exports markets were the ASEAN members, and the major markets for the imports were the Republic of Korea (ROK), ASEAN members and Russia. In the first ten months, China's imports of oil products from ROK decreased 26.7% to 7.22 million tons, the imports from the ASEAN members decreased 4.1% to 6.39 million tons, and the imports from the Russia decreased 1.3% to 4.51 million tons.

Meanwhile, the Chinese mainland exported 5.1 million tons of the oil products to ASEAN members, 2 million tons to Hong Kong, and 1.68 million tons to Panama, up 45.3%, 26% and 23.2%, respectively.