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Munich/Peking (n-t), 12.05.2004 09:19

Imports of Crude Oil in China Would Exceed 0.1 BillionTons for the First Time

According to statistics of customs, imports of crude oil in China in the first quarter of 2004 hit 30.14 million tons. Total imports in the whole year would exceed 0.1 billion if calculated by the figures ahead. Some experts regard that big increase in imports of crude oil and oil products in high price would bring about the negative impact on foreign trade, transport cost and national economy of China.

Trade deficits are US$ 7.925 billion in crude oil and oil products in the first quarter of 2004, and US$ 8.43 billion trade deficits in all China¡¯s trade. According to this trend, trade deficits of petroleum in 2004 would exceed US$ 30 billion, and China has been the second largest petroleum import and consumption nation in the world.


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