China’s import up 14.1% in first three quarters

2018-10-12
Xinhua

BEIJING — China’s import went up 14.1 percent year-on-year to 10.42 trillion yuan (about $1.5 trillion) in the first nine months this year, data from the General Administration of Customs showed on Oct 12.

In the Jan-Sept period, China imported 336 million tons of crude oil, 64.78 million tons of natural gas and 24.59 million tons of refined oil.

Imports of iron ore and soybean dropped by 1.6 percent and 2 percent to 803 million tons and 70.01 million tons, respectively, during the same period.

Meanwhile, China’s overall import price has grown by 4.2 percent. Major bulk commodities, including crude oil, natural gas and copper, have seen an increase both in volume and in price.

Li Kuiwen, a spokesperson with the General Administration of Customs, attributed the increase in imports to the government’s favorable measures, including tax cuts, policies to optimize the business environment and tariff reductions.

China lowered its value added tax on imports as well as taxes on vehicles and auto parts, medicines, and consumer goods in 2018.

Li also noted that China has significantly reduced imports of solid waste.