China’s imports of soybeans, crude oil, copper and iron ore hit record highs in 2014 as the country took advantage of lower global commodity prices to stock up on resources, The Wall Street Journal reported, citing official data released Tuesday that also showed exports had surged 9.7% in December. Lower prices, pushed down by a flood of global supply, have resulted in small import bills, with the value of all imports to China climbing only 0.4% for the full year compared to 2013. That in turn has encouraged Chinese trading houses to pick up or at least maintain import volumes.
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