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China's crude oil imports hit record 23.64 mln tons in Feb

Mar. 14, 2012 (China Knowledge) - China, the world's second-largest oil consumer after the U.S., imported 23.64 million metric tons of crude oil in February, reflecting the highest monthly level on record, according to the latest statistics released by the General Administration of Customs (GAC).

The crude oil imports last month represented an 18.5% growth from 19.95 million metric tons in the same month of 2011 and a 1% increase from 23.41 million metric tons in January this year.

Last month, the country also saw its imports of copper and iron ore hit the second-highest levels on record.

The increases in imports of commodity in February resulted in US$31.49 billion of trade deficit, which was the highest monthly level in the past ten years.

Analysts said that the widened trade deficit indicated weakening export demand amid slowing global economy, but will ease pressure on the appreciation of Chinese currency.

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