1) China increased grain imports. The first 5 months saw China's coarse grain imports(except soybean) upto 28.44 million tonnes, while 2020 only did 11.923 million tonnes, 2019 was even poorer of 7.878 million tonnes.
Soybean imports never let shipping down. Five months imports made a record high to 38.234 million tonnes, while the previous peak was 2017, namely 37.14 million tonnes only.
2) Energy imports was up with exception of coal
China's crude oil imports in Jan-May 2021 was 220.56 million tonnes which is a record high in history, 2% YoY with 2020, 8 percent YoY with 2019; natural gas imports (pipe and LNG) reached a new high of 49.999 million tonnes, an astonishing growth of 24% YoY with 2020. Coal and lignite was a different scenario, the imports in the 5 months shrunk to 112.23 million tonnes, a decrease of 25% YoY with 2020, 13% YoY with 2019, largely due to decarbonization and trade tensions with Australia.
With expanding refining capacities, China's products oil imports declined by 23% YoY to 10.384 million tonnes, but the products oil exports was pushed up to 30.017 million tonnes, with a jump of 11% YoY compared with 2019.
3) Raw materials satisfies dry bulk and breakbulk shipping
The monthly iron ore imports in May was a bit disappointing, only 89.79 million tonnes, but the accumulated volume in Jan-May was historically high to 471.98 million tonnes, a 6% or 11% increase with 2020 and 2019 respectively.
Copper ore & concentrate, as well, did not disappoint us with a figure of 9.825 million tonnes imports in 5 months, 6 percent increase YoY.
Sawtimber and log imports are on their way of recovery. the first 5 months imports reached 34.244 million cubic metres which is 3% growth YoY with 2020, but it was down by 16% compared with same period of 2019.
The good thing is steel products. China imported 6.1 million tonnes in 5 months time which was a record high since 2016, on top of that, steel products exports contributed 30.921 million tonnes breakbulk cargoes to shipping, which was 24% more than 2020. About 2.367 million tonnes of copper was shipped into China, which represents a 22% increase YoY with 2019.
China imported 14.75 million tonnes of primary plastics products in the first 5 months, which is flat with 2020 and 2019.
4) The manufactured and/or finished products (machinery and high tech) required more empty containers. In terms of value, machinery & electronics equipments exports was 73.67 billion USD in 5 months time, while it was 41.23 billion in 2020, 56.03 billion in 2019, 56.415 billion in 2018. With regard to high-tech products export( some contained in Machinery & Electronics), the value was 36.152 billion USD (2020, 26.683 billion, 2019, 27.627 billion);
That is the main reason why empty containers are urgently needed in China and Asian origins. In the first 4 months, US's west coast ports, LA and LB, shipped 2.3 million TEU empty boxes out of US, which is 81% increase over same period of last year.
5) with reefer shipping, China's meat & poultry imports in Jan-May was 4.329 million tonnes which represents a 13% increase YoY.
From the above commodities monitored, we are confident that China's contribution to shipping will continue.
Source: Simon Young
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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