China's rare earth permanent magnet exports to Japan saw a 2.5% rebound in April, partially recovering from a 17.3% slump in March. Despite the slight increase, Japanese firms report severe shortages amid ongoing diplomatic tensions.
China's crude imports from Russia surged 11.3% year-on-year to nearly 9 million tonnes in April. The value of these imports rose 16.2% month-on-month, despite a quantity fall, driven by increased global demand for Russian oil following US sanctions waivers.
Chinese customs data reveals dramatic trade disruption with Iran: imports fell 48% year-on-year while exports plummeted 90%. Across the broader Middle East, exports to eight Persian Gulf economies dropped 57% and imports declined 33%. The Strait of Hormuz closure curtailed crude flows, with China's oil imports from Gulf countries down 25% in March. Analysts warn the strait has become a permanent geopolitical lever with security premiums unlikely to ease even after any ceasefire.
