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Naphtha imports decelerate substantially
26
Jun '08
The latest customs data show that China imported 156,000 tons of naphtha in the period from January to May 2008, showcasing a year-on-year decrease of 75.08 percent. Starting 2008, country's import of naphtha has continued to decline from the same period last year.

According to some traders from refineries, under the impact of price rise of crude oil, which almost doubled in the past few months, international naphtha price has set new records, resulting in increased costs of China's naphtha imports.

Although, the state promulgated the exemption policy of consumption tax on imported naphtha, it has failed to boost the enthusiasm of naphtha importers in domestic market. On the contrary, soaring international oil prices have stimulated domestic naphtha exports.

Available statistics show that, in the first five month of the ongoing year, China's naphtha exports reached 949,000 tons, a year-on-year increase of 86.85 percent, representing a substantial growth in volume for five consecutive months.

In addition, during this period, domestic production of naphtha touched 3.435 million tons, depicting a climb of 124.9 percent from the same time last year.

Experts suggest that the substantial rise in the domestic production is another reason for such decrease in imports.

For May statistics click here

Fibre2fashion News Desk - China

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