Last week saw the release of Chinese import and export data for the first half of the year. According to the National Bureau of Statistics, there was notable expansion in key commodities such as coal, iron ore and LNG, all of which saw significant increases compared to the same period last year. However, crude oil imports fell by 11% year-on-year in June, raising concerns about the health of the Chinese economy and the broader oil market. This decline in crude oil imports from the world’s largest importer points to potential weaknesses that could have far-reaching implications.
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