China Commodities Imports Bounce Back But Challenges Persist

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(Bloomberg) — China’s commodities imports bounced back in 2023, including record hauls of crude oil, coal, copper ore and iron ore, after the pandemic ravaged demand in the previous year. 

Among the biggest increases, oil and natural gas imports recorded growth of 10% or more, while coal surged over 60%, according to the customs administration on Friday, defying stutters in the wider economy that have revolved around the implosion of China’s property market.

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Still, raw materials demand hasn’t quite lived up to the heady expectations set at the start of 2023, when forecasts were plentiful that China’s economy would roar back after three years of crippling Covid restrictions. Instead, markets relied on a drip-feed of stimulus measures from the government to sustain growth.