Chine - Importations

Imports to China surprisingly rose 0.3 percent year-on-year to USD 183.01 billion in November 2019, defying market consensus of a 1.8 percent fall and following a 6.2 percent decline in October. This marked the first year-on-year import growth since April, as unwrought copper purchases were the highest since September 2018 (5.9% to 483,000 tonnes). Imports also advanced for crude oil (6.7%), natural gas (3.3%), copper ores & concentrates (27.0%), coal (8.5%), iron ore (5.1%), soybeans (53.8%) and edible vegetable oil (70.3%). On the other hand, arrivals fell for refined products (-22.7%), fuel oil (-29.3%), steel products (-1.4%), rare earths (-42.8%), and rubber (-5.6%). Imports increased from the US (2.9%), the EU (2.7%), ASEAN (11.1%) and Taiwan (2.0%). On the other hand, purchases from Japan were unchanged, while those from Australia and South Korea dropped 9.3 percent and 7.1 percent respectively.

Imports to China dropped 6.4 percent year-on-year to USD 170.12 billion in October 2019, compared to market consensus of an 8.9 percent fall and after an 8.5 percent drop in September. This was the sixth consecutive month of yearly drop in imports, as purchases fell for refined products (-13.1% to 2.22 million tonnes), natural gas (-10.6% to 6.52 million tonnes), and steel products (-9.9% to 1.03 million tonnes). Also, imports declined for soybeans (-10.7% to 6.18 million tonnes), and rubber (-8.6% to 500,000 tonnes). On the other hand, imports rose for crude oil (11.5% to a record high of 45.51 million tonnes), unwrought copper (1.9% to 431,000 tonnes), copper ores & concentrates (22% to 1,914,000 tonnes), coal (11.3% to 25.69 million tonnes), and iron ore (5.1% to 92.86 million tonnes). Purchases declined from the US (-14.3%), Japan (-7.3%), and Taiwan (-5.4%); but increased from the EU (16.6%), Australia (11.5%), and the ASEAN countries (2.3%).

Imports to China slumped 8.5 percent from a year earlier to USD 178.47 billion in September 2019, compared to market consensus of a 5.2 percent fall and after a 5.6 percent drop in August. This was the fifth straight consecutive yearly decrease in imports, as purchases fell for unwrought copper (-14.6 percent), steel products (-7.6 percent), rare earth (-27.9 percent), rubber (-10 percent), and refined products (-26.5 percent). In contrast, purchases of iron ore imports jumped 93.47 percent to 99.36 million tonnes, its highest in 20 months, fuelled by firm demand at steel mills and stable shipments from big miners. Also, purchases increased for crude oil (10.8 percent), coal (20.5 percent), natural gas (7.3 percent) and soybeans (2.3 percent).

Imports to China slumped 5.6 percent from a year earlier to USD 179.97 billion in August 2019, compared to market consensus of 6 percent fall and July's 5.3 percent drop. That was the fourth straight month of yearly decrease in imports, due to lower purchases of unwrought copper (-3.8 percent); steel products (-8.5 percent); rubber (-11.7 percent); refined products (-22.7 percent); and fuel oil (-28.3 percent). In contrast, imports rose for crude oil (9.9 percent); copper concentrate, or partially processed copper ore (9.2 percent); iron ore (6.1 percent); soybeans (3.6 percent); natural gas (7.3 percent); coal (14.9 percent); rare earths (0.9 percent); and edible vegetable oil (51.7 percent). Imports fell from the US (-22.4 percent), the EU (-5.2 percent), Japan (-8.8 percent), South Korea (-17.6 percent) and Taiwan (-1.4 percent). On the other hand, imports increased from ASEAN (7.6 percent) and Australia (32.2 percent).

Imports to China declined 5.6 percent year-on-year to USD 176.5 billion in July, less than an expected 8.3 percent fall and easing from a 7.3 percent fall in June. That was the third consecutive month of decrease in imports, suggesting domestic demand remained sluggish and could lead Beijing to add more stimulus. Purchases of unwrought copper were down 7.1 percent, while imports of crude oil climbed 14 percent and those of iron ore increased 1.2 percent. In addition, soybeans imports rose 8 percent to the highest level in nearly a year. Imports of copper concentrate were up 12.4 percent to an all-time high and total natural gas imports were the highest since January. Imports dropped from the US (-19.1 percent), the EU (-3.3 percent), Japan (-13 percent), South Korea (-20.1 percent) and Taiwan (-6.8 percent), but were higher from Australia (18.7 percent) and ASEAN (0.4 percent).

Imports to China plunged 7.3 percent from a year earlier to USD 161.86 billion in June 2019, much worse than forecasts of a 4.5 percent drop, a further sign of weak domestic demand that could lead Beijing to add more stimulus. Purchases fell for: unwrought copper (-27.2 percent); iron ore (-9.7 percent); and soybeans (-25.1 percent) amid higher tariff on US cargoes and following outbreaks of African swine fever. By contrast, increases were seen in imports of crude oil (15.2 percent) and coal (6.4 percent). Among China's largest trade partners, imports fell from the US (-31.4 percent), South Korea (-21.9 percent), Taiwan (-7.4 percent) and Japan (-5 percent), but grew from the EU (8.6 percent), Australia (8.8 percent) and ASEAN (0.4 percent).