High prices subdue naphtha imports this year

29 May '08

1 min read

Latest customs data reveals that China imported 117,000 tons of naphtha during the January-April 2008 period, marking year-on-year decline of over 77.3 percent. Refinery sources believe that the rising international crude oil prices this year, especially around April, were spurring up naphtha prices.

Experts say that, although the Government has announced exemption policy of consumption tax on imported naphtha, enthusiasm among domestic naphtha buyers remained weak due to higher import costs.

On the contrary, the soaring in international oil prices has stimulated the exports of domestic naphtha.

Customs data shows that China exported 804,000 tons of naphtha in during the period, a year-on-year increase of 78.74 percent.

Meanwhile, from January to April 2008, China's domestic production of naphtha recorded 2.839 million tons, a sharp gain of 133.5 percent as against the same time last year. Substantial increase in domestic production is another reason for decrease in imports and increase in exports.

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