Source: www.customs.gov.cn
According to statistical information from the customs, in the first three quarters of this year, China has imported 31.28 million tons of product oil, with a year-on-year growth (same in the following) of 16.5%, value of USD 26.38 billion, and growth of 1.2 times; the average import price is USD 843.5/ton, with a growth of 89.3%. Of which, China imported product oil of 2.554 million tons in Sept., dropped by 0.3%, which is the lowest of monthly import since this year, the average import price is USD 894/ton, with an increase of 71.7%.
In the same period, China’s product oil export accumulates to 12.30 million ton, with a value of USD 10.2 billion, and growth of respectively 3.7% and 51.4%; the average export price is USD 828.8/ton, with an increase of 46%. Of which, China exported product oil of 1.376 million ton, with a value of USD 1.33 billion, and respective drop of 13.4% and 45.8%; the average export price is USD 965.9/ton, with a growth of 68.4%.
Main features of product oil import and export in China in the first three quarters in this year:
I. Export mainly adopts general trade, exports mainly adopts bonded storage. In the first three quarters, China has imported 19.24 million ton of product oil in the form of general trade, with a growth of 8.8%, and accounting for 61.5% of imported product oil in the form of general trade; in the same period, China has exported product oil of 8.302 million tons in the form of bonded warehouse, with a growth of 64.1%, accounting for 67.5% of total amount of product oil from China in the same period.
II. South Korea, ASEAN and Japan are the main import sources. While Hong Kong, Panama and ASEAN countries are the main export market In the first 3 quarters, China has imported product oil of respectively 7.707 million ton, 7.042 million ton and 3.827 million ton from South Korea, ASEAN countries and Japan, with increases of respectively 21.2%, 14.8% and 55.3%, the above three account for 59.4% of total imported product oil amount in the same period. In the same time, China has exported product oil of 2.853 million ton, 2.571 million ton and 2.179 million ton to Hong Kong, Panama and ASEAN countries, with growth of 55.7%, 66.7% and drop of 54.8%, the three amounts totally account for 61.8% of product oil export.
III. No. 5-7 fuel oil import amount drops in large margin; aerial diesel and fuel No. 5-7 are main products. In the first three quarters, China has imported 13.77 million ton of fuel No. 5-7, dropped by 27.3%, accounting for 44% of total imported product oil; diesel 6.04 million ton, growing by 12.3 times; petrol 1.95 million ton, increased by 11.9 times. In the same period, the exported aviation kerosene is 3.947 million ton, with a growth of 18.2%, of which, 2.782 million ton is exported from bonded warehouse, with a growth of 22.1%, accounting for 70.5% of total aviation kerosene export amount in the same period; 3.421 million of fuel No. 5-7 is exported, growing by 56.3%, which are exported almost all in the way of exiting the territory from bonded warehouse. The two accounts for 59.9% of product oil export in China in the same period.
In order to alleviate the tense oil supply, in this year China has carried out a series of adjustment on the import duty of product oil. From January 1 this year, China has adjusted the import duty or petrol, diesel and aviation kerosene from 2% to 1%; on April 15, notice has been issued to decide, that from January 1 to June 30, the VAT in the import link of petrol and diesel within the import quota of Petrol China and Sinopec will be levied first and returned later, directly reducing import cost of product oil, and reinforced the import power of enterprises. In addition, in order to guarantee the product oil supply during Beijing Olympic Games period, we have for continuously several months’ reinforced import, so that the product oil has rapid growth speed. Along with the end of Olympic Games, the demand on Chinese market has been alleviated, and at the same time the sufficient product oil stock has been further released, in the short period, the growth tendency of product oil will be eased.
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