Jan. 14 – China’s crude oil imports rose 12.4 percent in 2007 over the previous year to a record 163.17 million tons, according to customs figures.

Crude oil imports for 2006 were 138.8 million tons, representing an increase of 16.9 percent from the previous year. Exports, however, fell 38.7 percent year-on-year to 3.89 million tons last year, according to the General Administration of Customs.

Crude oil exports were valued at US$79.77 billion, 20.1 percent higher than a year earlier amid international oil price hikes. Global prices surged about 57 percent throughout 2007.

China imported 33.8 million tons of oil products in 2007, a decline of 7.1 percent from the previous year, although large oil producers increased oil product imports late last year following a fuel shortage reported in October. The export of oil products rose 25.6 percent to 15.51 million ton in 2007.

The Ministry of Commerce forecast the country’s crude oil output for 2007 at 187 million tons, up 1.7 percent year-on-year.