China's crude oil imports from January to February hit a new high for the same period, while copper and steel imports declined significantly, and rare earth exports surged by 23%.

Amid ongoing turmoil in the Middle East, China’s crude oil and refined oil imports surged significantly in January–February, while copper and natural gas imports declined sharply due to price and demand factors. Key mineral exports soared, with rare earth exports increasing by 23%.

On Tuesday, March 10, the General Administration of Customs announced that, in RMB terms, China’s imports in February increased by 10.9% year-on-year, and exports grew by 36.1% year-on-year.

In bulk commodity exports, rare earth exports surged, with a 23% year-on-year increase to 10,468.3 tons in January–February. Aluminum exports also grew year-on-year, and iron ore imports in the first two months increased by 10% compared to the same period last year. Steel exports, however, declined by 8.1% in the first two months.

In bulk commodity imports, crude oil and refined oil saw year-on-year growth, while steel and copper imports dropped significantly. In February, crude oil imports increased by 12.54% year-on-year, reaching a new high for the same period in the first two months. Iron ore imports in January–February rose by 10% year-on-year. Copper imports plummeted, decreasing by 16.1% in January–February, with a 24.81% decline in February alone. Steel imports in the same period fell by 21.7%.

Rare Earth Exports Surge

In the first two months, rare earth exports increased by 23% year-on-year to 10,468.3 tons. This continued the strong momentum seen throughout 2025, with China’s rare earth exports reaching their highest level since at least 2014 last year.

Beyond rare earths, aluminum exports remained robust, with 97,060 tons of unwrought aluminum and aluminum products exported in January–February, up 12.8% year-on-year.

Energy Imports Rebound, Crude Oil, Refined Oil, and Iron Ore All Increase

In February this year, in terms of volume, imports of crude oil, refined oil, iron ore, integrated circuits, and soybeans all increased; imports of steel, natural gas, and lignite declined.

In the first two months, China’s crude oil imports rose by 15.8% year-on-year to 96.93 million tons, reaching a new high for the same period. Analysts say that China’s strategic reserves now hold about 1.4 billion barrels (roughly 190 million tons), enough to cover a six-month gap if Middle Eastern imports are cut off.

Refined oil imports also increased significantly, totaling 9.032 million tons in January–February, up 43.3% year-on-year.

Due to the US-Israel conflict affecting Iran, international oil prices approached $120 per barrel on Monday. Experts believe that large reserves could serve as a buffer against the dual pressures of Middle East production cuts and trade disruptions.

Iron ore imports also grew, with a 10% increase in January–February to 210.2 million tons, higher than last year’s 191.4 million tons. Kpler analyst Alexis Ellender noted that the growth mainly stems from strong exports from Australia in December last year—less weather disruption than the previous year and improved domestic demand.

In contrast, copper imports fell by 16.1% year-on-year to 699,600 tons, and natural gas imports slightly declined by 1.1% to 20.016 million tons. Weak industrial electricity demand during the Spring Festival holiday suppressed maritime imports, while domestic production and record-high pipeline supplies from Russia provided more competitive alternatives.

Soybean imports in the first two months decreased by 7.8% year-on-year, despite increased US shipments after the October trade truce last year.

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