Imports of the main industrial raw materials decreased in July in China
According to data from the General Administration of Customs of China, the world’s largest importer of crude oil, iron, steel, copper and coal, imports of these items decreased in the first 7 months.
While the country imported 43.69 million tons of crude in July, oil imports were down 18.8 percent from the previous month. Imports fell to the lowest level since October 2022.
It is estimated that the increase in international oil prices also played a role in the decrease in July. The price of a barrel of Brent oil rose from $70 to $85 in May.
For their part, oil imports reached 326 million tons in the first 7 months of the year, increasing 12.4 percent over the same period of the previous year.
The increase is forecast to have been due to the decline created by Covid-19 restrictions in China, especially in Shanghai, the country’s largest city, in the spring and summer of last year, in cities with large populations and which they house critical industries and businesses. lines.
IRON, STEEL AND COPPER
According to data from the China Iron and Steel Association (CISA), iron ore imports amounted to 93.48 million tonnes in July, down 2.1 percent from the previous month. Imports reached 669.4 million tons in the first 7 months, increasing 6.9 percent over the same period of the previous year.
Steel imports, for their part, decreased 32.6 percent in the first 7 months to 4.2 million tons, although they increased 10.8 percent compared to the previous month with 678 thousand tons.
Crude and processed copper products increased 2.7 percent compared to the previous month with 452 thousand 159 tons and decreased 10.7 percent, falling to 3.04 million tons in the first 7 months.
COAL
For its part, coal made an exception among the main industrial raw materials by registering a large increase in the first 7 months.
Although coal imports fell slightly behind imports of 39.97 million tons in June with 39.26 million tons in July, they reached 261 million tons in the first 7 months with an increase of 86 percent in compared to the same period of the previous year.
The increase was due to the drought in the summer months, which decreased hydroelectric production and increased electricity demand.
THE DECREASE IN IMPORTS CONTINUES
In July, exports in China decreased by 14.5% annually, the fastest drop since February 2020, when the first effects of the Covid-19 epidemic were felt, while imports decreased by 12.4%.
After the annual decrease of 10.2 percent in the first 2 months, imports showed a tendency to recover with a decrease of 1.4 percent in March, but decreased 7.9 percent in April, 4.5 percent. percent in May and 6.8 percent in June, continuing the downward trend. in the first 6 months. (AA)