China’s imports of major commodities saw a seasonal rebound in August, with comprehensive increases in crude oil, iron ore, and copper; rare earth import volume declined but value increased, and export value rose 51% month-on-month.

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China’s automobile exports in August surged 25% year-on-year, and rare earth export prices rose more than 51% month-on-month; imports of iron ore, crude oil, copper, and soybeans all increased in August. Iron ore imports broke through 105 million tons for the second time this year, soybean imports climbed to a three-month high, and coal imports reached the highest level this year.

On Thursday, September 8, data released by the General Administration of Customs showed that, calculated in RMB, China’s imports in August increased by 1.7% year-on-year, marking growth for the third consecutive month. Exports in August grew 4.8% year-on-year.

In terms of bulk commodity exports, demand for machinery, electronic products, and high-tech goods remained strong, with automobile exports being particularly outstanding. Rare earth export prices climbed significantly, reflecting China’s pricing power in the rare earth industry chain.

In terms of bulk commodity imports, crude oil, iron ore, copper, and soybeans all achieved year-on-year increases, with iron ore imports again breaking the 105 million ton mark, and copper concentrate imports rising to the second highest level in history. Soybean imports reached a three-month high.

Strong Automobile Exports, Sharp Rise in Rare Earth Export Prices

Data from the General Administration of Customs showed that automobile exports in August reached 763,000 units, a nearly 10% increase month-on-month, and a significant 25.1% increase year-on-year, continuing the strong momentum of China’s auto industry in the global market.

Although the quantity of rare earth exports declined 3.4% month-on-month, export value jumped from $36.4 million in July to $55 million, an increase of over 51%, reflecting a notable increase in rare earth product prices.

Analysts pointed out that rare earth export data showed a divergence between quantity and price, reflecting changes in global rare earth market supply and demand structure, as well as China’s pricing power in the rare earth industry chain.

Regarding the latest export data, analysts said these figures highlight the continued optimization of the structure of China’s exports, with high value-added products playing an increasingly important role in foreign trade.

Imports Rebounded Across the Board: Growth in Iron Ore, Crude Oil, Copper, and Soybeans

China’s bulk commodity imports in August showed an overall rebound, with crude oil, iron ore, copper, and soybeans all realizing year-on-year growth.

Iron ore: Data from the General Administration of Customs shows that as a major raw material for steel production, iron ore imports in August once again exceeded 105 million tons for the second time this year.

Copper concentrate: Data also showed that imports of copper concentrate in August rose to 2.76 million tons, the second highest level in history, mainly benefiting from increased shipments from Indonesia. China’s copper smelting capacity expansion and green transformation efforts have boosted demand for copper and procurement willingness.

Unwrought copper and copper products: Imports in August fell to 425,000 tons, a six-month low, but still slightly higher than the same period last year.

Crude oil: China’s crude oil imports in August were 49.5 million tons, slightly higher than the same period last year. As the refinery maintenance season ended, refiners increased crude purchases. Since the beginning of this year, China has been taking advantage of relatively low international oil prices to increase its strategic reserves.

Coal: Data show coal imports in August rose to the highest level this year, although still below the level of the same period in 2024.

Natural gas: Natural gas imports in August rose to an eleven-month high.

Analysts pointed out that although the import volumes of coal and natural gas increased, both remain lower than year-ago levels, mainly due to domestic production at record highs and the rapid adoption of renewable energy.

Soybeans: In August, soybean imports reached a three-month high, basically flat from the same period last year, but up 5.3% from July. Analysts noted that processors continued to stockpile Brazilian supplies to hedge against declining U.S. purchases.

In addition, data from the General Administration of Customs showed that edible oil imports surged to their highest since January 2024. Meat imports have remained above 500,000 tons for the sixth consecutive month, underscoring steady consumer demand.

In the First Eight Months: Growth in Imports of Integrated Circuits, Copper Ore and Concentrates, and Soybeans; Decline in Imports of Refined Oil, Steel, and Coal

By quantity, in August, imports of copper ore and concentrate, iron ore and concentrate, unwrought copper and copper products were 2.759 million, 105.225 million, and 425,000 tons, up 7.2%, 3.8%, and 2.4% year-on-year, respectively.

Imports of refined oil, coal, and steel were 3.342 million, 42.737 million, and 500,000 tons, down 25.2%, 6.8%, and 1.8% year-on-year, respectively.

For the first eight months of this year, imports of integrated circuits, copper ore and concentrates, and soybeans increased by 8.5%, 7.9%, and 4% year-on-year; imports of refined oil, steel, and coal fell by 17.8%, 14.1%, and 12.2% year-on-year, respectively.

By value, the import values of copper ore and concentrates, integrated circuits, and unwrought copper and copper products in August rose by 14.4%, 8.8%, and 6.8% year-on-year, respectively. The import values of coal, refined oil, and crude oil fell by 35.7%, 27.6%, and 14.8% year-on-year, respectively.

For the first eight months of this year, copper ore and concentrates, integrated circuits, and unwrought copper and copper products grew by 18.8%, 9.1%, and 2.9% year-on-year, respectively. Coal, refined oil, iron ore and concentrates dropped year-on-year by 34.1%, 20.9%, and 15.4%, respectively.

Data released by the General Administration of Customs show:

In the first eight months, China imported 802 million tons of iron ore, down 1.6%, with the average import price falling 14.1%;

376 million tons of crude oil, up 2.5%, with the average import price falling 12.9%;

300 million tons of coal, down 12.2%, with the average import price falling 25%;

81.913 million tons of natural gas, down 5.9%, with the average import price falling 7.1%;

73.312 million tons of soybeans, up 4%, with the average import price falling 11.9%;

26.733 million tons of refined oil, down 17.8%, with the average import price falling 3.9%.

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