China Imports: Robust Growth To Give Way In H214
We expect robust industrial commodity import growth to ebb over the coming months as the Chinese government continues to tighten the screws on the commodities financing trade. China's import growth of industrial commodities rebounded in April, with copper and iron ore shipments defying broad weakness in the domestic economy.
Crude oil import growth will be sustained by increasing demand from an expanding downstream segment. Refined oil imports will continue to contract as local oil demand is met by domestic production.
China continues to import increasing volumes of agricultural products. Rising imports is a structural trend that will accelerate over the coming years, especially in the cases of corn, wheat, sugar and dairy.
|Not Out Of The Woods Yet|
|China - Overall HSBC Flash & Official PMI|