Fresh credit lines in the first month of the year combined with restocking ahead of the long Chinese new year holiday drove up China’s imports of oil and some key commodities to record highs in January.
Crude oil, copper and iron ore imports are often watched for insight into the Chinese economy’s strength, but western and lunar new year holidays often distort data in the month in which they fall. January’s records do not necessarily portend strong imports for coming months, although iron ore is expected to continue to flow in.
Imports of unwrought copper hit a record high of 536,000 tonnes, Chinese customs data showed yesterday, up 21 per cent from the month before as buyers who had used up their credit lines restocked.
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