China's crude oil imports surged 19 percent in August as production from domestic fields failed to keep pace with energy demand in the world's fastest-growing major economy.
Imports of the fuel reached 14.04 million metric tons last month while exports stood at 300,000 tons, the Customs General Administration of China said in Beijing today. The nation's bill for crude imports last month climbed 21 percent to $7.4 billion.
China's energy demand has surged, reflecting expansion in an economy that grew 11.9 percent in the second quarter, the fastest pace in 12 years. A plan to build an emergency oil stockpile has contributed to gains in purchases. By 2010, the reserve will be equal to 30 days of imports, the government said in April.
Imports in the first eight months of this year gained 15 percent to 110 million tons while exports dropped 47 percent to 2.18 million tons. The oil import bill for January to August increased 12 percent to $49.8 billion.
Oil-product imports fell 5.7 percent to 24.3 million tons in the eight-month period and reached 2.5 million tons in August. Exports of oil products rose 25 percent to 10.3 million tons between January and August and stood at 1.3 million tons last month, customs said.
Coal exports dropped 20 percent to 33.5 million tons in the first eight months of this year. China shipped 4.68 million tons of the fuel last month overseas, customs said. It didn't give coal import figures for August or the first eight months.
China's oil needs will climb 5.7 percent to 7.6 million barrels a day in 2007, the International Energy Agency said in an Aug. 10 forecast.