China's imports contracted sharply in April, while exports grew at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.Inbound shipments to the world's second largest econom
China's imports contracted sharply in April, while exports grew at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.
Inbound shipments to the world's second largest economy fell by 7.9 per cent year on year, while exports grew by 8.5 per cent in the same period after an unexpected surge of 14.8 per cent in March, customs data showed on Tuesday. Economists in a Reuters poll had predicted no growth in imports and an 8.0 per cent increase in exports.* Iron ore: April imports at 90.44 mt, up 5.1 per cent y/y; Jan-April imports at 385 mt, up 8.6 per cent y/y
* Soybeans: April imports at 7.29 mt, down 9.8 per cent y/y; Jan-April imports at 30.29 mt, up 6.8 per cent y/yPreliminary table of commodity trade dataXI JIA RUI, CRUDE OIL ANALYST, JLC, SHANGHAI: "China's reduction in crude oil imports was partly due to the overall operating range of international oil prices in April being higher than in March, as high oil prices suppressed demand. On the other hand, due to the maintenance period of refineries in China, and a significant increase in crude oil imports in March, the crude oil inventory of oil companies was not low. So, the demand for crude oil was relatively weak.
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