Despite a small fall from the previous month, imports of major commodities remained strong in June.
Coal imports were exceptionally stronger on a month-on-month basis, rising 14.1% to 21.7 million tonnes in June. This was also strong on a seasonal basis (+30.8% y/y).
“A combination of opportunistic restocking and selective stimulus measures in recent months have improved domestic demand, resulting in these strong import numbers,” ANZ said.
“However, Brexit could cloud China’s export outlook, and place some downward pressure commodity imports in coming months.”