In October, China significantly reduced imports of most commodities, including oil, coal, copper and iron ore, reports news Agency “Finmarket” with reference to statistics from the General administration of customs of China.
Oil imports, in General, exceeding the level of last year, fell in October from September’s record level of about 16% to 28.79 million tons, or about of 6.81 million barrels per day (at least since January).
Imports of natural gas decreased by 33% to 382 million tons.
The supply of copper and copper products to China in October declined for the seventh consecutive month and reached the lowest level since Feb 2015 against the backdrop of increasing domestic production. In October, imports amounted to 290 thousand tons and was 15% less than September’s level and almost a third less than the year before. Procurement of iron ore decreased by 13.1% to 80.8 million tonnes.
The volumes imported into China coal fell for the second month in a row amid a sharp growth of prices on world markets, as Chinese producers reacted to the authorities ‘ appeal and increased the production of coal before the winter period. In October, China reduced its coal imports by 11.7% in comparison with September – to 21.58 million tonnes.
The decline in exports from China slowed in October compared with September but was worse than market expectations: shipments abroad fell by 3.2% in yuan and 7.3% in dollars. Imports in yuan grew by 3.2% in September after increasing by 2.2%.
Delivery of goods from China to the US fell in October by 5.6%, the EU by 8.7%, in Russia – 2.8%. Imports from the US dropped by 6.9%, India 25.5%, but procurement in the EU increased by 2.4%, Russia – 6.8%.
In General, the trade turnover between Russia and China in January-October increased by 0.5% in annual terms. Chinese exports to Russia during this period rose 5.9%, to 30.1 billion, while imports decreased by 5.2% to 26.1 billion dollars.