Chinese Imports Improve Slightly, Oil Imports Positive Again

Last month the story was Chinese Import Volumes Fall, Crude Import Surge is Over. February data is out, which allows for a clean year-on-year two month comparison.

This headline from the WSJ sums up the data: China February Exports Climbed Sharply as Imports Extend Slump

Here's the breakdown of exports and imports by countries and regions:

The numbers above are the YTD figures. Import growth deteriorated from January to February in these regions: EU, USA, Hong Kong, Taiwan, India, Russia. Import growth improved in all the other regions except Japan, which was nearly level. Export growth increased across the board.

Import growth generally improved from January's figures. The volume of crude oil imports are positive again, swinging from a yoy decline of 0.6% in January to an increase of 4.5% for the first two months of 2015. Iron ore also improved, though it is still negative yoy after two months. Coal, plastics and autos were the exception, with yoy import volumes deteriorating in February.

The turn in crude oil may be the result of the Saudis Slashing Asia Prices By Most In 14 Years in February.