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Oil imports up 12.7% in first 5 months

(Xinhua)
Updated: 2008-06-11 22:38

China's oil imports posted double-digit growth in the first five months of 2008 as global crude prices more than doubled from a year earlier, the General Administration of Customs said Wednesday.

The country imported 75.97 million tons of crude oil, up 12.7 percent from a year earlier, with average prices rising 64.1 percent to $689.9 per ton.

Imports of oil products jumped 17.3 percent to 17.34 million tons. Prices soared 66.9 percent to average $709.6 per ton.

Analysts said booming domestic demand, notably from the severe winter and quake reconstruction, fueled imports.

Crude oil exports totaled 950,000 tons, valued at $570 million, while exports of refined oil stood at 6.48 million tons worth $4.85 billion.