China’s Crude Imports Increased 12.5% YoY in Jan-Feb

China’s foreign trade reached RMB3.89 trillion in the first two months, rising 20.6% from a year earlier, according to the General Administration of Customs of China. In detail, export value rose 11% YoY to RMB2.09 trillion, import value soared 34.2% YoY to RMB1.8 trillion and trade surplus dropped 46.1% YoY to RMB293.65 billion.
In the first two months, importers of iron ore, crude oil and coal all saw increases in import volume and import prices. Import volume of crude oil grew 12.5% YoY to 65.78 million tons, that of coal jumped 48.5% YoY to 42.61 million tons, that of primary shape plastics was up 30.9% YoY to 4.72 million tons, while that of oil products declined 5.9% YoY to 4.98 million tons.