China Imports YoYJuly 2023 Data - 1991-2022 Historical - August Forecast - Calendar

Imports to China dropped by 12.4% yoy to USD 201.16 billion in July 2023, worse than market estimates of a 5.0% decline and after a 6.8% fall a month earlier. This was the sixth time of decline in inbound shipments so far this year and the steepest decrease since January, due to deteriorating domestic demand. Purchases fell for copper (-2.7%) while increased for crude oil (17%), iron ore (2.5%), and soybeans (23.5%). Imports were down from the US (-11.2%), the EU (-3.0%), Japan (-14.7%), ASEAN countries (-11.2%), South Korea (-23.0%), and Taiwan (-14.3%). Purchases from Russia fell by 8.0%, the first drop since February 2021. For the first seven months of the year, imports shrank 7.6%.

Imports to China declined by 6.8% yoy to USD 214.7 billion in June 2023, compared with market expectations of a 4.0% drop and after a 4.5% drop a month earlier. This was the fourth straight month of falling purchases, due to deteriorating domestic demand. Imports declined for unwrought copper (-16.4%), steel products (-22.6%) but rose for crude oil (45.4%), natural gas (19.2%), coal (110%), iron ore (7.4%), soybeans (24.5% as cheap Brazilian beans hit the market), edible veg oil (199.8%) and rubber (18.1%). Imports were down from the US (-4.1%), the EU (-0.7%), Japan (-14.3%), ASEAN countries (-4.1%), South Korea (-15.4%), Taiwan (-15.6%) but increased 6.2% from Australia.

Imports to China declined by 4.5% yoy to USD 217.69 billion in May 2023, compared with market expectations of an 8.0% drop and following a 7.9% decrease a month earlier. This was the third straight month of falling purchases, amid weak domestic demand. Purchases of copper were down 4.6% yoy after declining 12.5% in April and imports of steel fell 22%. Conversely, purchases of crude oil surged 12.2% to 12.11 million bpd, the third-highest monthly level on record and increases were also seen for iron ore (4%), coal (92.6%), natural gas (17.3%). Purchases of soybeans jumped 24% to hit a record of 12.02 million tonnes as cargoes delayed during last month's strict inspections were finally unloaded at ports. Imports from the US sank 9.9% while those from the EU plummeted 38.6%. By contrast, purchases from Russia rose 10.1%. Considering the first five months of the year, imports were down by 6.7% from the same period in 2022.