In 2024, China's commodity imports continue to rise, particularly in minerals, energy products, and agricultural goods. According to China’s General Administration of Customs, in the first quarter of 2024, China’s commodity imports increased by 10% year-on-year, reaching $2.3 trillion. Major imports include iron ore, natural gas, and crude oil. Iron ore imports are expected to reach 1.2 billion tons, maintaining China’s position as the world’s largest importer.
China's energy demand continues to grow, with crude oil and natural gas imports on the rise. In 2024, China’s crude oil imports are projected to exceed 500 million tons, accounting for 25% of the global market. The demand for mineral resources such as iron ore and copper is also increasing, ensuring stable raw material supply for domestic industries.
China is not only diversifying its sourcing strategies but also strengthening cooperation with global suppliers to enhance supply chain stability. With economic recovery and growing demand for commodities, China’s global market share in commodity imports is expected to rise further, helping stabilize global supply chains.
