MNI BRIEF: China Imports Down Due To Commodity Prices

China’s imports fell 6% y/y in March in yuan terms as falling international commodity prices lowered the value of inbound shipments, Lu Daliang, spokesman of the General Administration of Customs told reporters on Monday.

Lu highlighted Q1's average import price of iron ore and coal dropped by more than 2%, while crude oil and soybeans fell 5.7% and 16.6%.

However, declines were partially offset by consumer demand for edible oil and fresh fruit, which increased by 12.1% and 8.3%, Lu noted. 

China could offer to cap production in key sectors such as electric vehicles and to further open its domestic market in order to expand its trade relationship with the European Union, a prominent Chinese economist and government advisor told MNI. (See MNI INTERVIEW 2: China Willing To Further Open)