In order to supply factories and support China’s rapid development, the country’s imports are mostly dominated by intermediate goods and a wide range of commodities, including oil, iron ore, copper and cereals. China’s soaring demand for raw materials has pushed global commodity prices up in recent years, thereby boosting the coffers of many developing nations and commodity-exporting economies.
Supply of imports into China is mostly dominated by Asian countries, with a combined share of nearly 50% of total imports. Purchases from Europe and North America account for 17% and 10%, respectively. As a major global buyer of commodities, imports from Africa, Australia, the Middle East and South America have increased strongly in the last decade to represent a combined share of around 23%.
In parallel with skyrocketing exports, growth in imports of real goods and services soared in the 2002-2008 period, recording an annual average expansion of 24.4%. Imports experienced a contraction in 2009 due to the global crisis, but recovered quickly in 2010 and 2011. In the 2012-2013 period, imports recorded a modest increase of 7.2%.
In nominal terms, merchandise imports increased more than eight-fold in the 2001-2013 period, increasing from USD 244 billion in 2001 to USD 2.0 trillion in 2013. FocusEconomics Consensus Forecast panelists’ projections from September 2014 show Chinese imports moderating slightly from a 7.3% increase in 2013 to a 6.9% expansion in 2014. In 2015, panelists expect imports to accelerate to a 9.3% expansion.
Contact us
For further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply calling China hotline at 86-755-82143422, 86-755-82143512, or emailing to anitayao@citilinkia.com