China's imports hit 27-month high, led by tech and copper

Imports to China increased by 1.0% year-on-year to reach a 27-month high of USD 230.79 billion in December 2024, surpassing market expectations of a 1.5% decline and reversing a 3.9% drop in November.

China's imports hit 27-month high, led by tech and copper

This marked the first rise in imports since September and the most substantial growth since July, driven by improved demand at the end of the year and expectations of upcoming US restrictions on chip exports. For the full year, imports grew by 1.1%, totaling USD 2.59 trillion. Notable increases in imports included automatic data equipment (up 57.9%), high-tech products (up 10.7%), and integrated circuits (up 10.4%). Additionally, purchases of unwrought copper and copper materials (up 13.5%), refined oil (up 4.6%), electrical products (up 6.2%), and natural gas (up 1.2%) rose.

China's imports fall for some, rise from ASEAN and Hong Kong

In contrast, imports of rare earths (-29.7%), automobiles (-16.7%), and steel (-9.2%) declined. Imports from ASEAN countries (up 2.0%), Hong Kong (up 35.8%), and South Korea (up 12.4%) grew, while imports from the US (-0.1%), EU (-4.4%), Japan (-2.6%), and India (-3.0%) decreased.