Barclays - China's April Commodity Imports Still Strong

Chinese import data for April suggest still-resilient domestic demand and likely corporate stocking of raw materials on low commodity prices, said Barclays Research.

According to Barclays, Chinese crude oil and copper saw double-digit import gains in value terms, while the volume of iron ore imports also saw double-digit rises, although value rose only 2.1%.

Automobile imports also maintained strong growth, rising by 33% in April. Overall, Barclays thinks the data support their view of a modest quarter-on-quarter growth recovery in the second quarter.