China’s IIR Import Performs Strongly in Apr
Highlights: In April 2024, China’s IIR import performed strongly. SCI mainly analyzes the change of China’s IIR import data in April 2024 as follows.
According to data released by GACC, China’s regular IIR import volume was 18,755.95mt in April 2024, up 0.42% M-O-M and 97.52% Y-O-Y. China’s Regular IIR import volume was 52.2kt from January to April, up 19.02% M-O-M. China’s HIIR import volume was 18,442mt, down 8.04% M-O-M but up 83.32% Y-O-Y. China’s HIIR import volume was 66.7kt from January to April, up 64.76% M-O-M. In April, the import volume of regular IIR and HIIR went to different directions. The arrival of some imported cargoes was postponed, so IIR import volume was relatively high in April. IIR imports from some countries decreased M-O-M as some imported goods were preferred to be supplied to foreign markets.
As for trading partners, the top three regular IIR import partners of China in April were Russia, Singapore and Japan separately, among which Russia ranked first. The regular IIR import from Russia in April was 16,478.22mt, accounting for 88% of the total imports, down 0.88% M-O-M, but up 94.32% Y-O-Y. The import from Singapore followed behind, which was 966.98mt, accounting for 5% of the total imports, up 7% M-O-M and 133.7% Y-O-Y. Japan-origin resources were 681.69mt, which ranked third and accounting for 4% of the total imports, up 72.23% M-O-M.
Russia, Saudi Arabia and Canada were the top three HIIR import partners of China in April. The import from Russia was the largest, which was 8,903.7mt, accounting for 48% of the total imports, down 24.85% M-O-M but up 190.8% Y-O-Y. The second import origin was Saudi Arabia, and China’s HIIR import from it was 4,230.14mt, up 0.12% M-O-M and 22.73% Y-O-Y, accounting for 23% of the total imports. Canada ranked third, with the import volume of 1,742.89mt, up 53.89% M-O-M and 202.26% Y-O-Y, accounting for 9% of the total imports.
As for the trade modes, the foremost import mode for regular IIR in April was logistics goods in areas under special customs supervision, and the import volume via this mode was 13,376.39mt, up 16.64% M-0-M and 150.33% Y-O-Y, accounting for 71% of the total imports. This was followed by general trade, with the import volume of 4,073.65mt, a M-O-M increase of 1.11% but a Y-O-Y decrease of 14.57%, accounting for 22% of the total imports. Processing trade with imported materials ranked third, with import volume of 902.71mt, which increased by 133.58% M-O-M, accounting for 5% of the total imports.
As for HIIR imports, the leading trade mode in April was logistics goods in areas under special customs supervision, and the import volume via this mode was 8,148.85mt, accounting for 44% of the total imports, down 24.51% M-O-M but up 179.67% Y-O-Y. HIIR imported via general trade with imported materials notched 4,723.74mt, up 48.18% M-O-M, and 52.32% Y-O-Y, accounting for 26% of total imports. Inbound and outbound goods in supervised bonded areas ranked third, with import volume of 4,112.99mt, which decreased by 10.72% M-O-M, accounting for 22% of the total imports.
As for import, the price of some imported goods may still have strengths from May to June, although China’s domestic demand may be still weak. It is expected that China’s IIR import will continue to be at a high level in May due to strong import from March to April, but it is difficult to rise more.
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