According to customs data, China’s total import and export value in June was 301.69 billion US dollars, of which imports were 139.71 billion US dollars, up 19.3% year-on-year, and down 2.6% from the previous month. The import growth rate unexpectedly fell in June, far lower than the previous forecast average of 25.6%.
Experts believe that China's import growth rate decline in June has the following reasons: First, China's economic growth rate, domestic demand slowed down, the performance of iron ore, crude oil, natural rubber and other imports decreased significantly. The data showed that in June, the PMI fell back to 50.9 for three consecutive months, and the purchase price index fell to 56.7 for four consecutive months.
Second, imports are affected by destocking and the slowdown in manufacturing growth. Among them, destocking has shown remarkable performance in the non-ferrous metals industry.
3. The import prices of international bulk commodities have fallen. Zhao Fudi, director of the General Office of the General Administration of Customs and spokesperson, said that the import price fell in June, and the actual import volume fell year-on-year.
It is understood that in the first half of the year, the average price of some major bulk commodities in China rose by more than 30%, of which the average price of iron ore imports rose by 42.5%; crude oil rose by 33.2%; refined oil rose by 31.5%, leading to the import of China's goods in the first half of this year. The overall price rose by 14.7%.
Experts believe that because China's economic growth rate is unlikely to decline sharply, international commodities are still at high positions, and the government gradually implements policy measures of "stable exports, expansion of imports, and reduction of surplus." Therefore, it is expected that the year-on-year growth rate of imports in July may rebound.
Experts believe that China's import growth rate decline in June has the following reasons: First, China's economic growth rate, domestic demand slowed down, the performance of iron ore, crude oil, natural rubber and other imports decreased significantly. The data showed that in June, the PMI fell back to 50.9 for three consecutive months, and the purchase price index fell to 56.7 for four consecutive months.
Second, imports are affected by destocking and the slowdown in manufacturing growth. Among them, destocking has shown remarkable performance in the non-ferrous metals industry.
3. The import prices of international bulk commodities have fallen. Zhao Fudi, director of the General Office of the General Administration of Customs and spokesperson, said that the import price fell in June, and the actual import volume fell year-on-year.
It is understood that in the first half of the year, the average price of some major bulk commodities in China rose by more than 30%, of which the average price of iron ore imports rose by 42.5%; crude oil rose by 33.2%; refined oil rose by 31.5%, leading to the import of China's goods in the first half of this year. The overall price rose by 14.7%.
Experts believe that because China's economic growth rate is unlikely to decline sharply, international commodities are still at high positions, and the government gradually implements policy measures of "stable exports, expansion of imports, and reduction of surplus." Therefore, it is expected that the year-on-year growth rate of imports in July may rebound.
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