According to the Shijiazhuang customs authorities in China's Hebei Province, in the first quarter of the current year Shijiazhuang customs achieved record-high overall tax revenues of RMB 9.96 billion ($1.52 billion), up 151.4 percent year on year, with export tariff revenues reaching RMB 296 million ($45.2 million), down 8.9 percent year on year, and import tax revenues amounting to RMB 9.664 billion ($14.75 billion), increasing by 165.9 percent compared with the corresponding period of 2010.
The sharply increased import price of iron ore is one factor which has helped boost customs revenues at Shijiazhuang. In recent years, due to the rapid development of the steel industry in Hebei Province demand for iron ore has increased gradually, while international iron ore prices have also been rising continuously. As a result, the tax base has increased further.
In the first quarter of 2011, Hebei imported 23.86 million mt of iron ore, valued $3.72 billion, increasing by 27.7 percent and 110 percent respectively on year-on-year basis.