China imported 26.9 million tonnes of coal in October, up 96.2% year-on-year, according to the latest data compiled by Wind Information.
|China imported 26.9 million tonnes of coal in October, nearly double the same period last year. Photo: AFP|
However, China’s October coal imports still fell by 18.2% compared with 32.9 million tons imported in September.
The Chinese government is urgently overcoming a widespread power shortage that has occurred since the end of September, causing many factories to cut production. As of mid-October, China also recorded two localities with severe power shortages, down sharply from 18 localities in early October, as recorded by the Commonwealth Bank (Australia).
State Grid said on November 7 that electricity supply and demand in the areas where it operates, had returned to normal, but the company warned that there was still a lot of electricity. power challenges in the coming months.
The US remains China’s largest trading partner. While imports of US goods into China in October fell by 4.6% year-on-year, goods exports to the US maintained a high growth rate with an increase of 22.7%, according to the data. China customs data.
Similarly, goods imports from Australia – the country that used to be the largest supplier of coal to China – decelerated with an increase of 24.3% in October, less than half of the growth rate of 50.7% in September. China’s exports to Australia increased by 22.3%, but still lower than September’s 23.8% increase.
Taken together, China’s total imports in October increased 20.6%, below expectations for a 25% increase, according to Reuters. Meanwhile, China’s exports increased by 27.1%, higher than the expected increase of 24.5%.
In a report published on November 7, Mr. Ting Lu, chief economist at Nomura Financial Group (Japan) assessed that exports make a particularly important contribution and the only growth engine of the country. China in the past 18 months.
Excluding the increase in the cost of producer prices, Mr. Ting Lu estimates that China’s exports in October increased only 7% year-on-year. China’s producer price index for October is expected to be published on November 10.