Imports to China slumped 5.6 percent from a year earlier to USD 179.97 billion in August 2019, compared to market consensus of 6 percent fall and July's 5.3 percent drop. That was the fourth straight month of yearly decrease in imports, due to lower purchases of unwrought copper (-3.8 percent); steel products (-8.5 percent); rubber (-11.7 percent); refined products (-22.7 percent); and fuel oil (-28.3 percent). In contrast, imports rose for crude oil (9.9 percent); copper concentrate, or partially processed copper ore (9.2 percent); iron ore (6.1 percent); soybeans (3.6 percent); natural gas (7.3 percent); coal (14.9 percent); rare earths (0.9 percent); and edible vegetable oil (51.7 percent). Imports fell from the US (-22.4 percent), the EU (-5.2 percent), Japan (-8.8 percent), South Korea (-17.6 percent) and Taiwan (-1.4 percent). On the other hand, imports increased from ASEAN (7.6 percent) and Australia (32.2 percent). Imports in China averaged 543.38 USD HML from 1981 until 2019, reaching an all time high of 1951.34 USD HML in September of 2018 and a record low of 13.88 USD HML in February of 1983.
Imports in China is expected to be 1810.00 USD HML by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in China to stand at 1550.00 in 12 months time. In the long-term, the China Imports is projected to trend around 2100.00 USD HML in 2020, according to our econometric models.