In 2025, China's soybean imports reached a historic high for the third consecutive year, totaling 112 million tons. Iron ore imports also hit a record high, marking their third straight year of growth. Coal imports, however, recorded their largest annual decline in a decade. Meanwhile, in December, China's rare earth exports surged 32% year-on-year, while steel product exports surpassed the previous peak set in 2015.
Data released on Wednesday, January 14, by the General Administration of Customs showed that, denominated in renminbi, China's exports in December grew 5.2% year-on-year, while imports increased by 4.4%.
For commodity exports, the volume of steel product exports climbed to 11.3 million tons in December, exceeding the previous peak established in 2015. This pushed the full-year export volume up by 7.5% to a record 119 million tons. China's rare earth exports surged 32% year-on-year to 4,392 tons in December.
On the import side, soybean imports for December stood at 8 million tons, rising a mere 1.3%. However, full-year purchases reached 111.8 million tons, up 6.5% from 2024, setting a historic high for the third year running. Imports of iron ore and copper ore both hit record highs. China's coal imports for 2025 fell sharply by 9.6% from the previous year's record, marking the largest annual decline in ten years.
Additionally, crude oil imports for December reached 55.973 million tons, while the annual import volume hit a record 577.726 million tons.
In 2025, steel product exports hit a record high, and rare earth export volumes surged significantly. Data from the General Administration of Customs revealed that steel product export volume climbed to 11.3 million tons in December last year, surpassing the previous peak set in 2015. This drove the full-year export volume to grow by 7.5% to a record 119 million tons.
Customs data also showed that China's rare earth exports surged 32% year-on-year to 4,392 tons in December. Shipments of this critical mineral for the full year increased by 12.9% compared to the previous year, reaching 62,585 tons, the highest level in at least 11 years.
It is noteworthy that although December's rare earth export volume fell by 20% month-on-month, this was primarily due to a demand pullback after overseas buyers front-loaded purchases ahead of the Christmas holiday.
Analysis suggests that this front-loading behavior led to weaker overseas procurement willingness after the Christmas holiday, resulting in the month-on-month decline in December exports. However, the 32% year-on-year increase still indicates a solid underlying demand foundation.
In 2025, imports of soybeans, copper ore, iron ore, and crude oil all reached historic highs. Soybeans: December imports grew 1.3% year-on-year to 8.04 million tons, meeting market expectations. Annual soybean imports reached 111.83 million tons, a 6.5% increase year-on-year, setting a record high for the third consecutive year.
Liu Jinlu, an agricultural researcher at Guoyuan Futures, stated that concentrated shipments from major producers like Brazil and Argentina drove a sharp increase in imports during the first half of the year, contributing to the record annual total.
Crude Oil: China imported 55.973 million tons in December, equivalent to 13.18 million barrels per day, representing a 17% year-on-year increase and a 10% rise from the previous month. Full-year crude oil imports reached 577.726 million tons, up 4.4% year-on-year.
Consulting firm Kpler attributed the growth in crude oil imports to stronger crude processing volumes and more robust inventory replenishment demand, forecasting China's oil processing volume to reach 15.38 million barrels per day in 2025, a 0.7% increase year-on-year.
Kpler analyst Muyu Xu mentioned that lower oil prices encouraged refiners to increase purchases, and replenishment of strategic petroleum reserves may have also played a role. Independent refiners were able to buy more spot cargoes after receiving import quota allocations in November.
Both Kpler and ship-tracking company Vortexa estimated that seaborne crude oil imports hit a record exceeding 12 million barrels per day in December.
Iron Ore: Iron ore, a key steelmaking raw material, also recorded record trade data last year. Data shows that China's iron ore import volume grew 1.8% to a historic high of 1.26 billion tons, marking the third consecutive year of growth.
Unwrought Copper and Products: Import volume fell 6.4% to 5.3 million tons last year, the lowest level this decade. Soaring prices and an economic slowdown were drags, but significant demand shifted towards copper ore and concentrate purchases, with full-year imports of these rising 7.9% to a record 30 million tons.
Coal: Although coal imports in December increased by nearly 12% year-on-year, annual coal imports for the year fell 9.6% to 490 million tons. This marks the first decline since 2022 and represents the largest annual drop in a decade.
Analysis suggests that sustained growth in domestic production pushed coal prices to four-year lows, reducing the attractiveness of higher-priced imported coal. Simultaneously, the rapid adoption of clean energy in China is eroding coal demand.
Natural Gas: Data shows that imports, including pipeline gas and LNG, surged 16.3% year-on-year to 13.448 million tons in December. However, total natural gas imports for 2025 amounted to 127.865 million tons, down 2.8% year-on-year, marking the first decline in three years.
In December, imports of crude oil, refined oil products, natural gas, and coal increased, while imports of unwrought copper and copper products, and steel products declined. By volume, in December last year, imports of refined oil products, crude oil, and natural gas were 3.987 million, 55.973 million, and 13.448 million tons, respectively, increasing by 21.04%, 17%, and 16.35% year-on-year. Imports of unwrought copper and copper products, steel products, and soybeans were 437,000 tons, 517,000 tons, and 8.044 million tons, respectively, representing year-on-year changes of -21.82%, -16.75%, and +1.3%.
By value, in December last year, import values for copper ores and concentrates, integrated circuits, and iron ores and concentrates were 58.09 billion yuan, 302.05 billion yuan, and 85.8 billion yuan, increasing by 31.78%, 15.004%, and 8.81% year-on-year, respectively. Import values for steel products, unwrought copper and copper products, and refined oil products were 6.63 billion yuan, 35.13 billion yuan, and 13.87 billion yuan, decreasing by 9.43%, 7.48%, and 1.84% year-on-year, respectively.
Data released by the General Administration of Customs showed:
China's crude oil imports in December: 55.973 million tons; full-year cumulative crude oil imports: 577.726 million tons, up 4.4% year-on-year. Refined oil product exports in December: 5.367 million tons; full-year cumulative refined oil product exports: 58.02 million tons, down 0.2% year-on-year. Refined oil product imports in December: 3.987 million tons; full-year cumulative refined oil product imports: 42.418 million tons, down 12% year-on-year. Coal and lignite imports in December: 58.597 million tons; full-year cumulative coal and lignite imports: 490.27 million tons, down 9.6% year-on-year. Natural gas imports in December: 13.448 million tons; full-year cumulative natural gas imports: 127.865 million tons, down 2.8% year-on-year. Soybean imports in December: 8.044 million tons; full-year cumulative soybean imports: 111.833 million tons, up 6.5% year-on-year. Edible vegetable oil imports in December: 667,000 tons; full-year cumulative edible vegetable oil imports: 6.936 million tons, down 3.2% year-on-year. Natural and synthetic rubber (including latex) imports in December: 953,000 tons; full-year cumulative natural and synthetic rubber (including latex) imports: 8.525 million tons, up 16.7% year-on-year. Meat (including offal) imports in December: 418,000 tons; full-year cumulative meat (including offal) imports: 6.087 million tons, down 8.7% year-on-year.
Comments