Rapid growth in Chinese goods imports continued in October

The value ofgoods imports in October was 170 billion dollars, while the value of good exports was 198 billion dollars (about the same as in September). The value of imports measured in dollars rose by 17 % y-o-y, while exports were up by 7 %. The value of imports in January-October increased by 18 % and the value of exports by 6 %. The trade surplus contracted to 333 billion dollars, down from 465 billion dollars in the same period a year ago.

Risen commodity prices, among other things, resulted higher import prices from a year ago. September prices were up by 9 % y-o-y. September price inflation for exports was 3 %. Goods import volumes rose by about 11 % in the first nine months of the year, while the volume of goods exports was up by about 8 %.

Overall, import volumes of commodities have increased this year. In the first ten months of this year, China imported 12 % more crude oil and coal than in the same period last year. Pulp imports grew by 13 %, while copper imports declined. Crude oil import volumes, however, fell from their March record high, when China imported 39 million tons (34 million tons in September and October). Pulp imports also peaked last March.

Import volume trends for important commodity imports

Sources: Macrobond, BOFIT.