China imported 29.02 million tons of oil products in the first 10 months of 2007, a decline of 8.9 percent from the same period of the previous year.

The imports were valued at 13.15 billion U.S. dollars, down 3.2 percent, customs sources said.

However, the nation exported 12.99 million tons of refined oil during the 10-month period, up 30.4 percent on the same period of the previous year.

Import decline coupled with export increase was due largely to price hikes on world oil markets, the sources noted.

Major sources of imports were the Republic of Korea, ASEAN members and Russia, while leading target markets for exports were ASEAN members.

From January to October, China imported 7.22 million tons of oil products from ROK, down 24.7 percent, 6.39 million tons from ASEAN members, down 4.1 percent, and 4.51 million tons from Russia, down 1.3 percent.

The Chinese mainland exported 5.1 million tons of oil products to ASEAN members, up 45.3 percent, 2 million tons to Hong Kong, up 26 percent, 1.68 million tons to Panama, up 23.2 percent.

(Xinhua News Agency January 7, 2008)