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China's imports skyrocket

China's steel imports shot up in the first half while exports dropped as the combined effect of Beijing's WTO entry and tariff disputes took hold, state press said yesterday. The country imported 11.7 million tonnes of steel to the end of June, up 37.5 percent on the same period last year, according to State Economic and Trade Commission (SETC) figures cited by the China Daily. In contrast, steel exports dropped 8.2 percent year-on-year to 2.2 million tonnes, the figures showed. "The ratcheting-up of steel imports is mainly the result of China's tariff cuts and relaxation of non-tariff measures under its WTO obligations," SETC official Jiang Yuan told the newspaper. Imports also rose as steel traders made last-minute purchases ahead of temporary import restrictions China imposed in May, prompted by a bitter steel tariff dispute with the US, another SETC official said.


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