China IIR Import Drops in Aug
Highlights: In August 2024, China’s IIR import dropped M-O-M. SCI mainly analyzes the change of China’s IIR import data in August 2024 as follows.
According to data released by GACC, China’s IIR import volume was 14,575.53mt in August 2024, down 28.31% M-O-M. China’s regular IIR import volume was 5,008.83mt, down 46.34% M-O-M but up 24.52% Y-O-Y. China’s HIIR import volume was 9,566.7mt, down 13.01% M-O-M but up 43% Y-O-Y.
As for trading partners, the top three regular IIR import partners of China in August were Russia, Singapore and Saudi Arabia separately, among which Russia ranked first. The regular IIR import from Russia in June was 2,820.78mt, accounting for 56.32% of the total imports, down 45.2% M-O-M and 1.68% Y-O-Y. The import from Singapore followed behind, which was 575.09mt, accounting for 11.48% of the total imports, down 60.48% M-O-M but up 15.8% Y-O-Y. Saudi Arabia-origin resources were 518.98mt, which ranked third and accounting for 10.36% of the total imports.
Saudi Arabia, Canada and Russia were the top three HIIR import partners of China in August. The import from Saudi Arabia was the largest, which was 2,951.06mt, accounting for 30.85% of the total imports, up 14.76% M-O-M and 35.75% Y-O-Y. The second import origin was Canada, and China’s HIIR import from it was 2,069.21mt, up 19.33% M-O-M and 190.49% Y-O-Y, accounting for 21.63% of the total imports. Russia ranked third, with the import volume of 2,009.52mt, down 51.3% M-O-M and 1.5% Y-O-Y, accounting for 21.01% of the total imports.
As for the trade modes, the foremost import mode for regular IIR in August was logistics goods in areas under special customs supervision, and the import volume via this mode was 3,565.21mt, down 35.26% M-0-M but up 28.64% Y-O-Y, accounting for 71.18% of the total imports. This was followed by general trade, with the import volume of 1,250.41mt, a M-O-M decrease of 65.86% but a Y-O-Y increase of 10.6%, accounting for 24.96% of the total imports. Processing trade with imported materials ranked third, with import volume of 124.56mt, which decreased by 24.31% M-O-M but increased by 7.01% Y-O-Y, accounting for 2.49% of the total imports.
As for HIIR imports, the leading trade mode in August was logistics goods in areas under special customs supervision, and the import volume via this mode was 3,505.03mt, accounting for 36.64% of the total imports, down 10.96% M-O-M. HIIR imported via processing trade with imported materials notched 3,146.93mt, up 16.26% M-O-M and 113.95% Y-O-Y, accounting for 32.89% of total imports. General trade ranked third, with import volume of 2,463.95mt, which decreased by 38.43% M-O-M, accounting for 25.76% of the total imports.
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