China Imports Grow Less than Expected

Imports to China rose by 0.3% yoy to USD 222.0 billion in September 2024, missing market consensus of 0.9% and moderating from a 0.5% increase in the prior month amid a fragile recovery in domestic demand.

Arrivals grew from the US (6.7%) and the ASEAN countries (4.2%) but shrank from the EU (-4.0%).

For the first nine months of the year, imports expanded 2.2% to USD 1.93 trillion.

During the period, the import value of integrated circuits increased by 19.8%, followed by automatic data processing equipment (8.5%) and high-tech products (4.2%).

Also, purchase value increased for steel (21.2%), unwrought aluminium and aluminium products (11.8%), and auto parts (4.9%).

By contrast, import value fell for refined oil (-8.5%) and rare earth (-40.4%).

Purchases rose from the ASEAN countries (3.6%), the US (0.7%), Hong Kong (12.4%), South Korea (11.9%), Russia (1.7%), and India (1.2%) but declined from EU (-3.9%), Japan (-4.2%), and the UK (-3.2%).