Tranalysis lists the import statistics of major chemical and mineral products for China in October 2017 and provides a brief analysis of the commodities and their import situation in China. For a detailed import and export report, please contact our team at econtact@tranalysis.com.
China's imports of five chemicals and minerals products in October 2017
China’s oil import
China is the world's largest net oil importer, enjoying good trade relations with the countries of OPEC to rely on most of the imports. Since the economic expansion of the middle kingdom shows no signs to significantly slowing down, the raw oil consumption and hence the depending imports are likely to continue rising.
China imported 281.1 million tonnes of crude oil in the first eight months of this year, which is roughly meeting two-thirds of its crude oil demand. China is importing increasing volumes of oil not only because of demand growth but also because its domestic oil production is declining. Thus, Chinese dependence on crude oil imports is continuously rising and is set to further grow in the near future.
Even China is mainly depending on OPEC states for its oil imports, the country is diversifying the suppliers and increased imports from non-OPEC oil exporting countries, like Russia and Brazil.
Saudi Arabia was China’s leading supplier in the first eight months of 2016 but has fallen to third place behind Russia and Angola in the first half of 2017. After all, while the imports from Saudi Arabia declined slightly, Angola and Russia have managed to boost their share of China’s crude imports. Brazil also has been a large gainer, with exports in the first eight months rising 41.8 percent.
However, in the long run, China is desperately trying to become less dependent on oil imports, trying to become independent in energy creation and consumption. The efforts are supported by the ambitious goal to continuously expand the share of electric or hybrid-driven cars.
China’s medical and pharmaceutical products import
The pharmaceutical and medical industry is one of the leading industries in China. However, the domestic pharmaceutical market is highly fragmented and inefficient. Hence, the country is still relying on imports, especially when it comes to high-tech devices.
While Chinese medical device manufacturers dominate the domestic market, they have concentrated on delivering mostly low-tech and mid-range products. However, Chinese hospitals and healthcare providers prefer imported devices, especially when purchasing innovative and high-tech devices. This is the sweet sport for foreign exporters of medical devices into the Chinese market.
What’s more, the Chinese government has announced some major tax breaks for more than 180 commodities, starting from December 2018. Taxes for a range of medicines, including various antibiotics and insulin products, were lowered to 2% from as much as 6%, potentially a big win for multinational drug companies.
After all, China's medical imports stood at USD22 billion in the first 10 months of 2017, according to latest data from the China’s Customs.
China’s primary plastics import
China is the worldwide largest plastic importer as well as the exporter. Considering that plastic is the 6th most imported global product, this indicates an enormous trade volume for market players involved in China’s plastics trade.
The country recorded USD61 billion plastic import value during the year 2016. China is importing plastic from around 150 countries with South Korea being its largest plastic origin country.
However, China has notified the World Trade Organization WTO recently, that it is going to ban the import of certain scrap materials including plastic in order to protect the environment and public health. Only first quality material will be allowed imported into the country. This has a massive effect on many plastic recycling manufacturers around the world, which mainly relied on China’s imports.
China’s copper products import
China’s imports of copper products were steady for most months on 2017, indicating demand remains robust in the world’s largest consumer of copper, causing the price to enjoy some significant rises recently.
The imports of copper products climbed by 26.5% year-on-year in September 2017, according to Chinee customs data. However, the actual downtrend of the copper product imports in comparison to 2016 have not been balanced out yet.
China relies heavily on copper products, to feed the rising demand of its technical and construction industry. After all, China accounts for nearly half the world’s copper consumption.
China’s aluminium products import
China is a major aluminium exporter in an oversupplied market. However, supplying mostly raw aluminium and low-quality aluminium products, the country is still importing significant amounts of high-quality aluminium products for its booming economy.
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