China's May imports of soybeans rise from April; crude oil, coal and oil fall
June 9 (Reuters) - China's imports of soybeans rose in May from a month earlier, while those of crude oil, coal, and iron ore dropped, customs data showed on Monday.
China's exports expanded 4.8% year-on-year in value terms in May, and imports dropped 3.4%, the data showed, as trade tensions remain high between Beijing and Washington.
Economists polled by Reuters had forecast a 5.0% expansion in exports and a 0.9% drop in imports.
KEY POINTS:
* Soybeans: May imports at 13.92 mmt, up 128.9% m/m
* Crude oil: May imports at 48.06 mmt, down 3% m/m
* Unwrought copper: May imports at 427,000 mt, down 2.5% m/m
* Coal: May imports at 36.04 mmt, down 4.73% m/m
* Iron ore: May imports at 98.13 mmt, down 4.9% m/m
* Rare earths: May exports at 5,864.6 mt, up 22.6% m/m
Preliminary table of commodity trade data
Below are comments from analysts on the commodities data:
ROSA WANG, ANALYST, JCI, SHANGHAI
"The May soybean import volume was higher than my expected 12-12.5 million metric tons. The customs clearance speed for soybeans has basically returned to normal—around two weeks. The operating rate of crushing plants has risen to over 50%, and soybean meal delivery has also been quite good."
IRON ORE:
"The import volume in May is lower than our expectations but remained at a relatively high level thanks to restocking from mills amid falling portside inventory."
"Some vessels cleared customs in advance due to the May Day holiday break, which contributed to lower-than-expected imports in May and higher-than-expected imports in April."
LINKS: For details, see the official Customs website (www.customs.gov.cn)
BACKGROUND:
China is the world's biggest crude oil importer and top buyer of coal, copper, iron ore, and soybeans.
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