China imported 11% more crude oil last year versus 2022 at 563.99 million metric tons, while iron ore imports in 2023 were up 6.6% from a year before, due to stronger demand amid a lack of government-mandated steel output caps and higher-than-expected steel exports.

KEY POINTS:

* Soybeans: December imports at 9.82 mmt, up 24% m/m, but down 6.9% y/y

* Crude oil: December imports at 48.36 mmt, up 13.9% m/m

* Iron ore: December imports at 100.86 mmt, down 1.8% m/m

* Copper: December imports at 459,337.6 mt, down 16.6% m/m

* Coal: December imports at 47.30 mmt, up 8.7 % m/m

Preliminary table of commodity trade data

Below are comments from analysts on the commodities data.

Comment on steel exports

TOMAS GUTIERREZ, HEAD OF DATA, KALLANISH COMMODITIES

"China's net steel exports surged as domestic demand weakened and more steel had to be shipped to overseas markets. The main increase was driven by long products, which have been especially hard hit by the struggling Chinese real estate sector. China's net steel exports will decline in 2024 but likely to remain above the five-year average."

Comment on soymeal

ROSA WANG, ANALYST, SHANGHAI-BASED AGRO-CONSULTANCY JCI

"The rise in China's annual imports was partly driven by higher demand of soymeal to feed a larger-than-usual hog herd after pig enterprises aggressively expanded herd sizes and industrialised farms."

LINKS:

For details, see the official Customs website

(www.customs.gov.cn)

BACKGROUND:

China is the world's biggest crude oil importer and top buyer of coal, iron ore and soybeans.

(Reporting by Asia Commodities and Energy team; Editing by Sherry Jacob-Phillips)