China’s commodity imports soared in November as the country’s imports of oil, natural gas, coal and copper all moved higher.
According to a report by Barclays, China’s copper refiners rose to the highest level on record while crude oil imports increased after a weak October.
Year-to-date crude imports averaged 14% above 2015 levels, likely due to continued domestic production declines and the recent ramp-up in production by smaller independent refineries, which in turn have also resulted in higher exports.
The bank said that the across-the-board gains in China’s November commodity imports suggest that the recent economic strengthening is registering across industrial sectors.
Barclays China economists noted that this solid data is evidence of upside risk for fourth quarter GDP growth.
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