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Zhejiang FTZ sees growth in oil, gas trade in Q1 despite pandemic

Updated : 2020-05-08 (chinadaily.com.cn)

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China (Zhejiang) Free Trade Pilot Zone in Zhoushan posts strong growth in industrial output among companies above the designated size as well as in foreign trade in the first quarter. [Photo/WeChat account:china-zjftz]

China (Zhejiang) Free Trade Pilot Zone in Zhoushan posted strong growth in industrial output among companies above the designated size as well as in foreign trade in the first quarter, indicating a robust economic growth momentum despite the pandemic. 

The FTZ's imports and exports rose 160 percent year-on-year to 32.7 billion yuan ($4.73 billion) from January to March. 

The zone imported 15.59-billion-yuan-worth of oil products over the three-month period, 2.9 times more than the previous year. 

Meanwhile, the throughput of oil and natural gas increased by 52.9 percent. 

The trade volume of bulk commodities such as crude oil, refined oil products and bonded fuel oil in the zone exceeded 137 billion yuan. 

The supply of bonded fuel oil reached 993,100 tons from January to March, up 14.1 percent, as the impact of the epidemic on the international maritime service base in the zone was relatively minor,

The base's cargo throughput and container throughput both also achieved growth, despite the overall global decline.