China’s crude oil imports in August increased by 6.2% month-on-month; refined copper and copper concentrate imports decreased by 10% year-on-year; integrated circuit export value soared by 130% year-on-year.

China’s integrated circuit imports in August continued their strong momentum, with ongoing demand driven by the memory chip shortage resulting from global AI infrastructure construction. Crude oil imports also rebounded.

According to the latest data released by China’s General Administration of Customs, imports in August grew year-on-year by 28.2% in US dollar terms, with the previous value showing 27.5% growth.

The core highlight of the import data was centered on the technology sector, confirming China’s persistent focus on key technological areas. Lynn Song, Chief Greater China Economist at ING, pointed out,

“The main driver of import growth remains tied to technology products.”

In addition, according to Customs data published on Tuesday, crude oil imports in August reached 37.9 million tons, up 6.2% compared to the previous month. After being severely hit during the early days of the Iran war, the world’s largest crude oil importer is gradually restoring its import volume.

At the same time, overseas sales of refined oil products such as gasoline and diesel climbed by 29% compared to July, with a further acceleration in the recovery of fuel exports. Integrated circuit exports surged explosively, with export value up 129.83% year-on-year.

China’s Crude Oil Imports Rebounded in August while Natural Gas Imports Fell

Data show that China’s crude oil imports in August increased significantly from July, with slight growth in cargos from the Persian Gulf, as refiners simultaneously expanded purchases from other sources.

Natural gas imports fell from the previous month. War has pushed up LNG shipping prices, and higher landed costs have curbed buyers’ procurement willingness.

China’s coal imports in August remained elevated; a tight global supply suppressed demand. Imports of refined copper and copper concentrate both dropped by around 10% year-on-year. Iron ore imports rose by 3.1% year-on-year, while soybean imports fell slightly by 1.1% compared to a year earlier.

In terms of volume, China’s August imports of integrated circuits, iron ore and its concentrates, and soybeans grew year-on-year by 6.72%, 3.15%, and declined by 1.12%, respectively. Imports of refined oil, crude oil, and steel fell year-on-year by 32.80%, 23.36%, and 13.22% respectively.

By value, the import values in August for integrated circuits, coal and lignite, and unwrought copper and copper materials rose year-on-year by 74.32%, 41.14%, and 21.95%, respectively. Import values of refined oil, crude oil, and steel fell year-on-year by 17.75%, 13.46%, and 0.36% respectively.

Fuel Exports Accelerate, Integrated Circuit Exports Surge Explosively

Regarding export data, the increase in China’s crude oil supply has led to a faster recovery in fuel exports.

Rising geopolitical tensions have caused refinery bottlenecks and shutdowns globally, and the recovery of China’s refined oil exports provides a certain buffer for the global market. Exports of refined oil products such as gasoline and diesel rose by 29% in August compared to July.

Furthermore, data shows that China's aluminum exports in August grew by 17% year-on-year, meeting global shortage demands triggered by supply disruption in the Persian Gulf. China’s steel sector continues to support exports, with August steel exports staying above 10 million tons; as China loosened export controls, fertilizer exports in August jumped significantly from July.

Additionally, China’s foreign trade exports in high-end manufacturing continued strong momentum in August, with electromechanical and high-tech products maintaining rapid growth. Integrated circuits, automobiles, and automatic data processing equipment performed outstandingly, consistently serving as key drivers of export growth.

In detail, exports of electromechanical products topped the list at 262.311 billion USD, a strong year-on-year increase of 32.84%, maintaining a high share of total exports. Integrated circuit exports surged explosively, with export value up 129.83% year-on-year; automatic data processing equipment and parts surged 76.52% year-on-year.

Furthermore, exports of high-tech products reached 124.467 billion USD, up 56.88% year-on-year, with the growth rate further rising.