Through a series of tweets, Patrick Chovanec has dissected China’s trade numbers. He has looked at trends in the first five months of the year. In volume terms, China’s imports of everything (well most things) – iron ore, coal, steel, auto, copper, aluminium – are down. In volume terms, only crude oil and food imports are up in the first five months of the year.
Chian’s imports from Australia, Japan, USA, Brazil, EU and India are down. Imports from India are down 25.9% but China’s exports to India are up 11.8% in the first five months of the year. Exports to the US are up 8.9% while imports from the US are down 11.2%. Ahead of India which took a big hit from reduced demand by China’s importers are Australia and Brazil. China’s import from Australia are down 29.4% and from Brazil, down 31.5%.
It looks like the countries that sent raw materials to China’s manufacturing firms are feeling the pinch more.