2023-10-13 03:45:39
China’s exports and imports contracted at a slower pace for the second month of September, customs data showed Friday, adding to recent signs of a gradual stabilization of the world’s second-largest economy thanks to a series of measures political support.
Outbound shipments fell 6.2% in September from a year earlier, following an 8.8% decline in August, and beating economists’ forecasts for a 7.6% decline. according to a Archyde.com poll.
Thanks to the gradual recovery of domestic demand, imports also fell at a slower pace, by 6.2%. They did not reach the 6.0% drop predicted by the survey, but did better than the 7.3% contraction recorded in August.
KEY POINTS :
* Soya: September imports at 7.15 million tonnes, down 23.6% m/m and 7.3% y/y.
* Crude oil: September imports at 45.74 mmt, down 13.4% m/m
* Iron ore: September imports at 101.18 mmt, down 4.9% m/m
* Copper: September imports at 480,426.4 mt, up 1.5% m/m
Preliminary table of commodity trade data
Below are analyst comments on the commodities data.
COMMENTARY ON CRUDE OIL
EMMA LI, CHINA OIL MARKETS ANALYST AT VORTEXA IN SINGAPORE
“The month-on-month decline in crude imports in September was mainly driven by Saudi and Russian volumes, as oil majors reduced Saudi nominations and accelerated crude destocking, while small-spoon refiners continue to shift away from oil high priced Russian.
LIENS :
For more details, visit the official customs website
(www.customs.gov.cn)
CONTEXT :
China is the world’s largest importer of crude oil and the largest buyer of coal, iron ore and soybeans.
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