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Tue 22 Dec 2009 13:52

China: Fuel oil imports fall in November


Imports decline year-on-year in November. Further falls expected in Q1 2010 due to tax rise.

Fuel oil imports into China fell by 9.4 percent year-on-year to 1.26 million tonnes in November, according to data released by the General Administration of Customs.

The data comes only days after China announced that it would be raising its import tariff on fuel oil to 3 percent, beginning from January 1st 2010.

The new tax rise will represent an extra cost of 80 yuan ($12) per tonne for importers based on current prices, according to market sources, and is expected to have a negative effect on import figures in January and February.

The increase, which is said to be a move by the government to combat pollution, will be a further blow to importers who will have to factor in the new import costs in addition to those implemented at the beginning of this year.

Fuel oil imports into China are expected to rise in December as buyers rush to bring in new cargoes ahead of the January tax rise.

Last year China's fuel oil imports skyrocketed 115.5 percent in December 2008 compared to the same month in 2007. The figure was also 90 percent higher than in November 2008.

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