China crude oil imports down 11 pct y-o-y in June
Shanghai. July 11. INTERFAX-CHINA - China imported 19.70 million tons of crude oil in June, down 8.58 percent month-on-month and 11.54 percent on a yearly basis, according to statistics released July 10 by the General Administration of Customs (GAC).
The news comes after trade figures were released for June that show month-on-month drops in imports of key commodities such as iron ore and aluminum, which according to some analysts indicates that China's economic growth is slowing.
Many refineries shut down for routine maintenance during the summer, however, reducing oil demand, Zhong Jian, deputy director of commodity information portal CBI China, told Interfax.
"Oil companies aren't too concerned with reaching last month's supply numbers," said Zhong. "It is very likely that oil prices will continue to drop in July," he added.
Moreover, the same period last year saw a spike in oil imports, which Interfax believes has contributed to the 11.54 percent year-on-year decrease.
Meanwhile, China's fuel imports for the month reached 3.40 million tons, with exports totaling 2.04 million tons.
Coal exports were 710,000 tons, down 44.09 percent year-on-year, according to the GAC.
The tables below show China's energy product trade in June and oil import volumes for the first half (H1) of 2011.
China's energy product trade volumes, May and June 2011
| Products | June imports (mln tons) | May imports (mln tons) | June exports (mln tons) | May exports (mln tons) |
| Crude oil | 19.70 | 21.55 | 0.27 | 0.05 |
| Fuel | 3.40 | 3.39 | 2.04 | 2.45 |
| Coal | N/A | 13.40 | 0.71 | 0.88 |
Source: GAC
China's crude oil import volumes, first half (H1) of 2011
| Month | Imports (mln tons) | Y-o-y change (%) |
| January | 21.80 | 27.41 |
| February | 19.95 | 7.78 |
| March | 21.67 | 2.90 |
| April | 21.54 | 1.75 |
| May | 21.55 | 20.80 |
| June | 19.70 | -11.54 |
Source: GAC
