Imports to China declined 5.6 percent year-on-year to USD 176.5 billion in July 2019, less than an expected 8.3 percent fall and easing from a 7.3 percent fall in June. That was the third consecutive month of decrease in imports, suggesting domestic demand remained sluggish and could lead Beijing to add more stimulus. Purchases of unwrought copper were down 7.1 percent, while imports of crude oil climbed 14 percent and those of iron ore increased 1.2 percent. In addition, soybeans imports rose 8 percent to the highest level in nearly a year. Imports of copper concentrate were up 12.4 percent to an all-time high and total natural gas imports were the highest since January. Imports dropped from the US (-19.1 percent), the EU (-3.3 percent), Japan (-13 percent), South Korea (-20.1 percent) and Taiwan (-6.8 percent), but were higher from Australia (18.7 percent) and ASEAN (0.4 percent). Imports in China averaged 540.65 USD HML from 1981 until 2019, reaching an all time high of 1951.34 USD HML in September of 2018 and a record low of 13.88 USD HML in February of 1983.
Imports in China is expected to be 1810.00 USD HML by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in China to stand at 1550.00 in 12 months time. In the long-term, the China Imports is projected to trend around 2100.00 USD HML in 2020, according to our econometric models.