Unless the government maintains some system of licensing importers in order to capture as revenue the difference between the higher domestic price and the foreign price, the importing of such commodities can prove a lucrative source of private profit.
First, it has been fuelling a voracious demand for imports of commodities, from oil to iron ore.
In the past 15 years China's imports of commodities have risen more than tenfold (see right-hand chart, above).
Similar to the trade framework between China and Latin America, South Korea's commerce also primarily involves imports of commodities, including iron ore, energy resources and agricultural products, while exporting manufactured products.
Sea power may also be exerted to apply military and economic pressure on an enemy by preventing the import of commodities necessary for prosecution of war.
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.
