China's crude oil exports in June rose 550 percent

According to the General Administration of Customs announced yesterday the data show that in June the same month China's exports of crude oil 1.42 million tons, representing a year-on-year increase of 5.5 times. The January-May China's crude oil exports only 950,000 tons, down 40.4 percent. At this point, the first half of China's exports of crude oil 2.37 million tons, up 30.6 percent.




Many factors have contributed to the export surge

Analysts pointed out that the June crude oil exports increased substantially, mainly by soaring international crude oil prices continue to promote and lead to soaring international oil prices continued to increase exports of crude oil production, and also makes entrenched domestic large number of international floating capital investment in domestic oil speculation.

The June crude oil imports fell sharply increase the previous month, but also from high international oil price factors to explain. Customs data show that in June China's crude oil imports 14.57 million tons, up 3.3 percent, while growth in May was 25 percent. The first half, China's total crude oil imports 90.53 million tons, up 11 percent.

However, some experts said that the June crude oil exports may increase reflected the barter trade. Energy strategy expert Wu Jian-Dong pointed out that China and its neighboring countries often have such a barter trade, such as Vietnam and other countries.

China's gas station network Yu Li, principal analyst pointed out that this may be because it exports. Domestic crude oil companies may be better quality light, sweet crude oil exports for foreign exchange and then import more funds for the quality of稍差of crude oil. Most of the current domestic refineries more advanced equipment, including desulfurization equipment, which is also a reasonable approach.

In addition, the reporter was informed that the Ministry of Finance and the General Administration of Customs recently发文, announced the cancellation of implementation of the 25 foreign share of oil export duty-free. Central University of Finance and Taxation Institute Professor Liu Huan said that the abolition of the foreign concessions, a clear is the capital of China's export-oriented, rather than of resources and pollution of domestic exports.

Since August 1, China will be Chinese-foreign cooperative exploitation of offshore oil contracts to foreign crude oil exports from the levy of about 5 percent of the normal tariff and about 17% of the value-added tax and abolishing the export tax rebate concessions. Analysts pointed out that the crude oil export industry policy adjustments may also prompted crude oil in the August 1抢export clearance, resulting in crude oil exports surged in June.

Finished oil products in the first half year, China exported 7.88 million tons of refined oil, representing a 0.3 percent decline in the same period last year. The June export 1.39 million tons the same month a year earlier fell 3.5 percent.

On the import side, imports of finished oil products in the first half of 21.01 million tons, up 16.4 percent. Of these, in June of refined oil 3.67 million tons, up 12.6 percent, much lower than the growth rate in May of 46.5 percent.

Prices of primary products imports Qisheng

As international commodity prices continue rising, China's imports of primary products significantly accelerate the pace of the main varieties average price of imports rose sharply. Customs statistics show that in the first half of this year, China's imports of primary products to 184 billion U.S. dollars, an increase of 69.9 percent.

Among them, China's crude oil imports averaged 717.7 U.S. dollars / ton, up 67.3 percent and imports of refined oil averaged 758.9 U.S. dollars / ton, up 77.3 percent;

In addition, the first half of this year, China imported 230 million tons iron ore, up 22.5 percent and imports average of 132.6 U.S. dollars / ton, up 77.4 percent, and imports 21.55 million tons of coal, down 20.4%, average 66.9 U.S. dollars / ton, up 43.7 percent ; Soybean imports (5043,97.00,1.96% point) 17.23 million tons, an increase of 24.4%, average 584.1 U.S. dollars / ton, up 78.3 percent.

Over the same period, China's imports of industrial products 383.57 billion U.S. dollars, an increase of 17.5 percent, accounting for the same period the total value of imports of 67.6 percent. Among them, imports of machinery and electronic products 265.38 billion U.S. dollars, an increase of 18.9 percent, and imports 212,000 cars, up 53.2 percent.