China Imports Fall More than Expected

Imports to China shrank 2.3% yoy to a four-month low of USD 213.3 billion in October 2024, compared with market estimates of a 1.5% fall and after a 0.3% growth in September.

It was the first drop since June, amid weak domestic demand.

Arrivals fell from the ASEAN countries (-6.0%), the EU (-6.0%), and Russia (-2.8%) but grew from the US (6.6%).

For the first nine months of the year, imports added 1.7% to USD 2.14 trillion.

During the period, the import value of integrated circuits rose 19.6%, followed by automatic data processing equipment (9.2%) and high-tech products (4.7%).

Also, purchase value gained for unwrought aluminium and aluminium (13.5%), machinery (12.8%), and auto parts (5.8%).

By contrast, import value fell for rare earth (-37.7%), refined oil (-11.2%), and steel (-2.4%).

Purchases rose from the ASEAN countries (2.3%), the US (1.2%), Hong Kong (22.7%), South Korea (12.2%), and Russia (1.1%) but fell from the EU (-4.1%), Japan (-3.6%), the UK (-3.1%), and India (-1.1%).