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Iron Ore imports hit record highs in July
China's imports of iron ore and crude oil hit record highs in July due to strong domestic demand, said Today's China Daily. The newspaper said despite that overall trade showed a steeper decline over the same period last year, imports are likely to grow and commodity prices expected to rise further. The country's growing appetite for overseas goods will considerably benefit resource-rich regions such as Latin America, Africa and Australia. Crude Oil imports climbed by 18% to 19.6 million tonnes from a month ago, and iron ore also rose by 5% to 58.1 million tonnes. China spent a combined US$13.8Bon the two commodities, 15% of the total imports. China's 4-trillion Yuan stimulus package has led to growing consumption of Crude Oil and iron at higher prices, said the newspaper.