[Oil Import] China Oil Import – 200 billion USD per year
China imported 250 million tons crude oil in 2011.
2011: China imported 250 million tons crude oil in 2011.
2013: China imported 280 million tons crude oil in 2013.
China’s crude oil imports rose 4 percent in 2013 from the year before to reach 280 million tonnes, customs data showed on Friday, slowing from a near 7 percent increase in 2012.
Suppose in the near future, China needs to import 300 million tons crude oil per year, at the price of 100 USD/Barrel, that’s 700 USD/Ton, then including transport cost etc, every year China needs to pay about 200 billion USD for importing crude oil.
China’s GDP in 2012 is about 10000 billion USD, so China needs to spend 2% of the GDP on OIL IMPORT. But if you make sure that every the GDP growth reaches 8%, then 2% is nothing that much more.