China Jan-Feb exports, imports slump again
Business
Exports in the two months were 6.8 per cent lower than a year before.
(Reuters) - China's exports in the January-February period again fell from a year earlier, customs data showed on Tuesday, while imports also decreased again and at a faster rate, reflecting a slowdown in the global economy and weak domestic demand.
Exports in the two months were 6.8 per cent lower than a year before, beating a Reuters a poll that expected exports to decrease by 9.4 per cent. Imports were down by 10.2 per cent, missing the poll estimate by a large margin, which had predicted a 5.5 per cent drop.
KEY POINTS:
* Crude oil: Jan-Feb imports at 84.06 mt, down 1.3 per cent y/y
* Iron ore: Jan-Feb imports at 194 mt, up 7.3 per cent y/y
* Soybeans: Jan-Feb imports at 16.17 mt, up 16.1 per cent y/y
* Copper: Jan-Feb imports at 879,000 tonnes, down 9.3 per cent y/y
Preliminary table of commodity trade data
Below are comments from analysts on the commodities data.
Comment on copper
LYNN ZHAO, SHANGHAI-BASED COMMODITY STRATEGIST AT MACQUARIE:
"We had expected copper imports to decline year-on-year in January-February with closed arbitrage. We are seeing copper demand picking up into March across most of the end-user sectors though largely seasonally."
LINKS:
For details, see the official Customs website
(www.customs.gov.cn)
BACKGROUND:
China is the world's biggest crude oil importer and top buyer of coal, iron ore and soybeans.
