China's crude oil imports rose 6.2% month-on-month in August, while imports of refined copper and copper concentrate fell 10% year-on-year, and the value of integrated circuit exports surged 130% year-on-year.

China's integrated circuit imports continued their strong momentum in August, driven by a shortage of memory chips fueled by global AI infrastructure development, which in turn led to sustained demand. Crude oil imports also rebounded.

According to the latest data released by China's General Administration of Customs, China's imports in August increased by 28.2% year-on-year in US dollar terms, compared with 27.5% in the previous month.

The key highlights of the import data are concentrated in the technology sector, confirming China's continued investment in key technology areas. Lynn Song, Chief Economist for Greater China at ING, pointed out...

"The main areas of import growth remain linked to technology products."

In addition, according to data released by Chinese customs on Tuesday, crude oil imports reached 37.9 million tons in August, a 6.2% increase month-on-month . After suffering heavy losses in the early stages of the Iran-Iraq War, the world's largest crude oil importer is gradually recovering its import volumes.

Meanwhile , overseas sales of refined oil products such as gasoline and diesel rose 29% compared to July , further accelerating the recovery momentum of fuel exports. Integrated circuit exports experienced explosive growth, with export value surging 129.83% year-on-year.

China's crude oil imports rebounded while natural gas imports declined in August.

Data shows that China's crude oil imports rebounded sharply in August compared to the previous month , with a slight increase in shipments from the Persian Gulf, while refiners simultaneously expanded their procurement from other sources.

Natural gas imports declined month-on-month. The war pushed up seaborne liquefied natural gas (LNG) prices, and higher landed costs dampened buyers' willingness to purchase.

China's coal imports remained high in August; tight global supply suppressed demand, with imports of refined copper and copper concentrate both declining by about 10% year -on-year. Iron ore imports increased by 3.1% year-on-year, while soybean imports in August decreased slightly by 1.1% year-on-year.

In terms of volume , China's imports of integrated circuits, iron ore and its concentrates, and soybeans in August increased by 6.72%, 3.15%, and decreased by 1.12% year-on-year, respectively. Imports of refined oil products, crude oil, and steel fell by 32.80%, 23.36%, and 13.22% year-on-year, respectively.

In terms of value , China's imports of integrated circuits, coal and lignite, and unwrought copper and copper products increased by 74.32%, 41.14%, and 21.95% year-on-year in August, respectively. Imports of refined oil products, crude oil, and steel products decreased by 17.75%, 13.46%, and 0.36% year-on-year, respectively.

Fuel exports accelerated, and integrated circuit exports experienced explosive growth.

Regarding export data, increased crude oil supply in China has led to a faster recovery in fuel exports.

Escalating geopolitical tensions have caused refining capacity bottlenecks and shutdowns worldwide, while the rebound in China's refined oil exports has provided some buffer to the global market. Exports of gasoline, diesel, and other refined oil products in August increased by 29% compared to July.

In addition, data shows that China's aluminum exports increased by 17% year-on-year in August to meet global demand shortages caused by supply disruptions in the Persian Gulf. China's steel industry continued to provide export support, with steel exports remaining above 10 million tons in August; and fertilizer exports jumped significantly month-on-month in August following China's relaxation of export controls.

In addition, China's foreign trade exports continued to be strong in the high-end manufacturing sector in August, with electromechanical products and high-tech products maintaining rapid growth. Integrated circuits, automobiles, and automatic data processing equipment were particularly outstanding, continuing to be the core drivers of export growth.

Specifically, electromechanical products ranked first in exports with a value of US$262.311 billion, a significant year-on-year increase of 32.84%, maintaining a high share of total exports. Integrated circuit exports saw explosive growth, with the export value soaring by 129.83% year-on-year ; automatic data processing equipment and its components saw a substantial year-on-year increase of 76.52%.

In addition, exports of high-tech products reached US$124.467 billion, a year-on-year increase of 56.88%, with the growth rate further accelerating.

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