Rolling coverage of the latest economic and financial news
- Introduction: China’s exports up 9.5% last month
- Strong demand for copper
China’s manufacturers have benefited from the surge in demand for IT products to help families work, and play, through this year’s lockdowns, as well as massive demand for PPE equipment.
Bo Zhuang, chief China economist at TS Lombard, says this explains the “very strong” demand for commodities – but he also cautions that this growth will slow.
“Chinese bought more of the raw materials but were still quite pessimistic on the investment outlook based on the import numbers
“Once European or American households have bought one laptop or two game consoles, they are not going to continue to buy these type of goods for the foreseeable future,”.
Today’s trade report shows that China’s demand for raw materials has been red hot this summer.
Copper imports hit record highs in June and July, before dipping slightly in August.
Wow. Check out China’s copper binge. Over 2 million tons imported between June to August. Never seen this scale of buys before. pic.twitter.com/p7ex6EDvfT