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China's March oil import up 8.8 percent
AFP
BEIJING
Petroleumworld.com 04 25 07China's oil imports in March were up 8.8 percent from a year earlier to 13.9 million tonnes, state media reported Wednesday.
In contrast to growing imports, the country's crude exports slumped 83.2 percent on the year to just 218,988 tonnes, the report said, citing the General Administration of Customs.
The trade pattern is set to continue for the rest of the year given surging domestic demand and increasing cost of production in the country, the paper said.
"The ever-soaring local demand for fuel requires less exports from the country," said Han Xuegong, a senior consultant with China National Petroleum Company, according to the report.
"Although international crude prices fluctuate at a fairly high level, the cost of production within China is also increasing with labour cost and raw material expenses on the rise," he added.
China cut tariffs on 58 imported goods and imposed temporary tariffs on 110 export items late last year in a bid to encourage imports and preserve resources at home.
Crude was on both lists and its exports carry a five percent tariff, the report said.
The China Daily said that oil imports may rise 10 percent for the full year, four percentage points lower than in 2006, with government policies aimed at boosting energy conservation and bringing down fuel consumption.
AFP 25 0308 GMT 04 07
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