China: China Trade Data Update - 1st Half CY2023

The General Administration of Chinese Customs (GACC) trade data through the first six months of 2023 show an 8.3 percent increase in the total import value of agricultural commodities compared to the same period last year, and relatively flat exports over the same period. Import volumes were mixed, with significant increases in vegetable oils and soybeans, modest increases in meats and grains, and lower volumes of cotton, dried fruits and nuts, and logs and timber. The increase in agricultural imports comes amid concerns that the overall economy remains sluggish, with monthly economic data showing the post-Covid recovery has slowed.