Shanghai sees sharp rise in crude oil, textiles imports

Tariff rate reductions and concerns over possible war on Iraq sent imports through Shanghai of crude oil and textiles rocketing in the first two months of the year, according to Shanghai customs.

Import of crude oil through Shanghai rose 250 percent to 327, 800 tons, while major textiles materials imports increased sharply, with raw cotton multiplying by 36 times, caprolactam up 1.4 times and wool and woolen slivers up 3.5 times, over the same period of last year, according to customs statistics.

Experts attributed the rises to escalating oil prices which pressured domestic enterprises to increase stockpiles.

Major import growth was also registered in the integrated circuit, micro-electronics, automatic data processing equipment, car parts and textile machines sectors. <From China Daily>