Shanghai Reports Significant Rise in Oil Price

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Last updated at: (Beijing Time) Tuesday, April 08, 2003

Shanghai Reports Significant Rise in Oil Price

Shanghai has reported significantfirst quarter rises in both the volume and price of imports of crude oil, oil and chemical products, against the tense backdrop of the war in Iraq.

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Shanghai has reported significantfirst quarter rises in both the volume and price of imports of crude oil, oil and chemical products, against the tense backdrop of the war in Iraq.

During the three-month period, Shanghai imported 328,000 tons of crude oil, 1.5 times more than the figure for the same period in 2001 at prices 55 percent higher year-on-year, according to statistics by the local customs.

Imports of oil products and phthalic acid rose 40 percent and 23.3 percent year-on-year, to 617,000 tons and 252,000 tons, respectively, and prices rose by 40 percent and 67 percent year-on-year, respectively,.

Imports of plastics, synthetic fibres and natural rubber also showed significant increases in both volume and prices.

In general, local imports reached 8.05 billion US dollars for the period from January to March in 2003, a year-on-year increase of 52.3 percent. The increased volume boosted customs revenue by 64.5 percent year-on-year to 17.6 billion dollars for the first three months of 2003.

Equipment and facilities imported by overseas-financed businesses in China rose 50.6 percent year-on-year to 1.57 billiondollars in the first quarter of the year, with import volume in March hitting a record 67.7 percent growth to 630 million dollars.

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