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Chinese import of petroleum products decreased in January-September 2016

Chinese import of petroleum products decreased in January-September 2016 by 7.1% yoy to 21.49 million tons, according to the latest data from the Chinese customs statistics. Moreover, the value of the imported petroleum products dropped by 27.3% yoy to 8.3 billion USD.

The largest stake from all oil import to China is getting South Korea, which supplied 6.55 million tons (+9.2%), but revenues decreased by 14.1% to 2.95 billion USD with average cost of 451 USD/ton. Important supplier of oil product to China is Singapore, which delivered 3.39 million tons (-12.3%) with total value of 1.19 billion USD (-28.7%) with average cost of 351 USD/ton. The third supplier is Russia, which delivered 1.83 million tons (-38.8%) at total value of 0.584 billion USD (-55.8%) with average cost of 320 USD/ton.

In the period January-September 2016 the average cost of oil product imported to China amounted to 386 USD/ton, which represent a decrease with 107 USD/ton from the price during the same period of 2015.

The volume of Chinese import of oil increased by 14% to 283.51 million tons, as the total value decreased by 20.7% to 83.25 billion USD. The largest stake from oil import of China gets Saudi Arabia with 38.75 million tons (+0.8%) at total amount of 11.39 billion USD.

At the end of 2015 the volume of oil products imported by China amounted to 29.88 million tons, while in monetary terms the value was 14.28 billion USD.

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