China’s export growth slowed in January-February due to the week-long Lunar New Year holiday, and though the data beat expectations Russia’s invasion of Ukraine has heightened uncertainty over the outlook for global trade this year.
Outbound shipments rose 16.3per cent in the first two months of the year from the same period a year earlier, data from the General Administration of Customs showed on Monday, beating analyst expectations for a 15per cent rise, but down from 20.9per cent gain in December.
Imports increased 15.5per cent, easing from a 19.5per cent gain in December. That compared with a 16.5per cent increase forecast in a Reuters poll.
Below are comments from analysts on the commodities data.
KEY POINTS:
* Coal: Jan-Feb coal imports down 14per cent at 35.39 million tonnes from a year earlier
* Crude oil: Jan-Feb crude oil imports down nearly 5per cent to 85.14 mln tonnes on-year
* Iron ore: Jan-Feb iron ore imports stood at 181 mln tonnes
* Copper: Jan-Feb unwrought copper imports up 9.6per cent at 969,000 tonnes year-on-year
* Soybeans: Jan-Feb soybean imports at 13.94 mln tonnes
Preliminary table of commodity trade data
Comment on soybeans
ZOU HONGLIN, ANALYST, MYSTEEL:
“Imports in the first months of 2022 were larger than we expected. Based on our data, the arrivals were not this high. Otherwise there wouldn’t be such tightness in the domestic market. There might be some non-commercial cargoes among the arrivals. The commercial buying did not support such high figures.”
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 copper, coal, iron ore and soybeans.
(Reporting by Asia Commodities and Energy team; Editing by Sherry Jacob-Phillips)
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