Make No Mistake, Chinese Commodity Imports Blew The Doors Off In March

China registered a slightly surprising trade deficit in March, but it was probably a fluke. The Lunar New Year played a big role in it. The country is expected to return to surplus in April.

But make no mistake, the country’s imports are simply on a tear, and any suggestion that the country is slowing down its imports of key industrial commodities like steel, iron ore, and oil is off the mark.

A report put out today by JPMorgan analyst Jang Ulrich goes through the numbers, but this table basically tells the story:

table

Photo: JPMorgan

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