China’s Commodity Imports Strong In January -August Frame
$OIL
China maintained a strong appetite for major commodities in the 1st 8 months of Y 2015, despite economic headwinds, customs data showed Tuesday.
From January to August, Crude Oil imports grew 9.8% Y-Y to 221-M tonnes, and refined Oil imports climbed 4.1% to 20.49-M tonnes compared to the same frame last year, according to the General Administration of Customs (GAC).
Grain and Soybean imports also rose 24.4%, and 9.8% to 83.5-M tonnes and 52.39-M tonnes Y-Y, respectively, said the GAC.
Analysts attributed the commodity import growth to China’s pro-growth measures, including policies to step up recovery in the property sector, spur domestic demand and prop up the economy.
Despite the rise in commodity imports in the 1st 8 months of Y 2015, the value of imports fell 14.6% to CNY 6.72-T (US$1.06-T) in the January-August frame due to falling prices of commodities and primary raw materials on weak global demand, GAC data showed.
By Tian Shaohui
Paul Ebeling
HeffX-LTN
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