In the past 15 years China's imports of commodities have risen more than tenfold (see right-hand chart, above).
With better than expected results from US aluminium producer Alcoa and strong Chinese imports of commodities, mining shares regained some ground.
The solution, outlined by officials recently, is to allow imports of commodities such as wheat and soybeans, freeing up land and water for a further intensification of domestic meat and dairy production.
The index spiked dramatically in 2008 as China's imports of commodities soared at a time when the supply of ships was constrained and port congestion added to demand for capacity (see chart).
This has led to an increased reliance on foreign aid, particularly from Iran, whose credit and oil supplies enable imports of commodities and equipment into Syria, but which come with political and economic conditions.
This means that although industrial activity may well be on the mend after a few slow months, a corresponding jump in growth rates for imports of commodities is not guaranteed.
Analysts say the new data are likely to increase pressure on Beijing to raise interest rates and allow its currency, the renminbi, to appreciate against the U.S. dollar -- a move that would make imports of commodities cheaper but exports more expensive.
But critics have pointed out that a narrowing of China's broadly measured trade surplus mainly reflects surging imports of commodities like oil and iron ore, and that the renminbi has been rising gradually over the last year against the dollar but actually weakening against other currencies, including the euro.
"We can understand the imports fell because of falling imports of commodities, but exports fell so much, it was very much unexpected," said Shanghai-based analyst Nie Wen from Hwabao Trust.
