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China less dependent on crude oil imports
www.chinanews.cn 2006-04-03 16:59:48
Chinanews, Apr. 3 - "As the rapid growth of domestic production capacity
greatly increased the total output, China's dependency of production
material imports in 2005 saw evident drops," says the annual report on
China's production material market development jointly released by the
Market Operation Regulation Department of the Ministry of Commerce and
China Logistics Information Center last Friday.
According to the report, the average dependency ratio of imports of
China's 30 categories of main production materials was 11.0% in 2005,
declining 1.9 percentage points and 2.4 percentage points over that of
2004 and 2003 respectively. In particular, the trend of constantly
growing dependency ratio of petroleum imports was initially held in
check. In 2005, China's total crude oil resource (domestic output plus
imports) amounted to 307.66 million tons, a year-on-year increase of
3.67%. The overall demand (domestic consumption plus exports) stood at
309.78 million tons, rising 5.9% year on year. Dependency ratio of crude
oil imports declined 0.07 percentage points from the increase rate of
41.29% in 2004. This is the first time for this figure to decline since
the year 1998.
At the same time, the dependency of rolled steel imports saw an evident
drop, and that of copper, aluminum, lead, alumina, and plastic materials
all fell at different rates, indicating improved self-sufficiency of
production materials.
Since the dependency of production material imports fell, and prices in
the international market were much higher than price levels in the
domestic market, the increasing demand of exports became an important
factor to drive up the demand in the domestic production material market.
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