Chinese steel imports hit 7 year low in December
February 9, 2009
Xinhua quoted data released by the General Administration of Customs shows that China imported less than one million tonnes of steel products in December 2008, the lowest monthly figure in seven years as economic downturn sapped demands.
Customs data showed that the imports have posted drastic slump since mid-2008 as the global financial crisis began to hurt the real economy. Only 929,000 tonnes were imported in December, sharply down from the 1.44 million tonnes in July and 30.4% less from a year ago.
A total of 15.43 million tonnes of steel products were imported last year, down by 8.6%YoY. The imports value grew 14% to USD 23.43 billion.
(Source: Xinhua)
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Beijing’s total imports and exports were up 40.8 percent
February 1, 2009
BEIJING, Jan. 30 (Xinhua) — Beijing’s total imports and exports were up 40.8 percent to a record 271.7 billion U.S. dollars in 2008 mainly thanks to the Olympic Games, Beijing Customs said Friday.
Exports hit 57.4 billion U.S. dollars, up 17.4 percent, and imports 214.3 billion U.S. dollars, up 48.7 percent, making the city China’s 4th largest international trade region after Guangdong, Jiangsu and Shanghai.
Beijing Customs attributed the growth to the Olympic Games, which boosted demand and government procurement, particularly in urban infrastructure, venue construction, materials, machines and equipment.
The Olympic effect brought about a year-on-year increase of 55.8 percent in imports and exports in the first half of last year.
However, foreign trade began to slow in the second half of 2008with the increase rate dropping to 28.5 percent, due to the sluggish global economy.
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Indicators point to signs of recovery
January 24, 2009
SEVERAL economic indicators for December have shown signs of recovery, though China’s fourth-quarter growth slowed, said the head of the National Bureau of Statistics.
“Last December, the economy was hit quite hard by the global financial crisis, but the December figures also began to show some positive changes and these changes are very important for us,” Ma Jiantang said.
The rebound in money supply, which rose 17.8 percent, the quickest in seven months, and loan growth in December means that the moderate monetary policy has been effective, Ma said.
Retail sales jumped 17.4 percent last month in annualized terms, up from 16.6 percent in November, with a rebound in goods like cars, garments and cosmetics. Ma also pointed out that there was a pick-up in investment sentiment citing an ING report which said investor confidence in China rose to 103 in the fourth quarter from 88 in the third.
“Almost all major monthly indicators point to a recovery,” driven by rising domestic demand – a result of aggressive fiscal and monetary stimulus – and stable exports, Merrill Lynch’s economist Ting Lu said.
Crude steel production, a major indicator of industrial activities, rose to 37.79 million tons in December from 35.19 million tons in November, after China in November announced the 4-trillion-yuan (US$585 million) fiscal stimulus package to support growth.
China has raised export tax rebates by several steps to help revive exports. In December, the government increased export tax refunds on 3,770 tariff lines including mechanical and electrical products, or 27.9 percent of all exports. Exports shrank 2.2 percent in November, the first drop in seven years.
Goods that are eligible for export tax refunds saw positive export growth of 4.8 percent in December, against an overall negative growth of 2.8 percent, Ma said. “This means our export policies have started to show results,” he said.
Ma said the government would wait and see whether these positive changes are sustainable or just temporary. “But such positive changes are just like sunshine in cold winter and light at the break of a dawn, and also little sparks that can ignite a flame,” he said, adding he has confidence in China’s economy.
China’s gross domestic product growth slowed to 6.8 percent in the fourth quarter from 9.0 percent in the third as the global financial crisis deepened into domestic economy.
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China’s manganese ore imports in November 2008
December 31, 2008
China imported 440,000 tons of manganese ore valued at 224.604 million US dollars in November 2008. The import in January-November reached 7,080,000 tons valued at 3,263.230 million US dollars, up 19.9 percent and 197.1 percent respectively year on year.
Following is a table showing the import from 2004 to November 2008, released by the General Administration of Customs:
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Return of VAT on recycled materials
December 13, 2008
CHINA will restore a value-added tax on domestic recycled materials, including scrap metals, effective from January 1, 2009, the Ministry of Finance said yesterday in a statement on its Website.
The restoration of the VAT, which is usually 17 percent in China, may raise scrap metal prices and make imported materials more competitive. Before the end of 2010, recyclers that meet certain criteria will have part of the VAT they pay refunded.
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