China February crude imports at 23m tonnes, 18% less than January

10 March 2014 04:07 Source:ICIS News

SINGAPORE (ICIS)--China imported approximately 23m tonnes of crude oil in February, a decrease of 18.1% from January, official customs data showed over the weekend of 8-9 March.

Industry sources explained that the sharp decrease was primarily caused by seasonal effects, mainly the Lunar New Year holiday in early February, when business activities usually halt for around two weeks for the holiday celebrations.

However, on a year-on-year basis, the February crude imports increased 10.9%, according to China Customs.

The country’s rubber imports in February grew by 22.7% year on year to some 300,000 tonnes, the data indicated.

February 2014

Jan-Feb 2014

'000 tonnes

chg % (yoy)

'000 tonnes

chg % (yoy)

Imports

Crude

23,050

10.9

51,200

11.5

Oil products

2,410

-28.9

6,180

-15.4

Primary shape plastics

1,860

14.0

4,430

22.6

Rubber

300

22.7

780

22.0

Exports

Crude

170

88.9

250

-31.9

Oil products

2,020

-8.2

4,270

-7.7

Plastic products

420

-19.2

1,290

0.2

Source: China Customs

By Fanny Zhang