Jakarta, CNBC Indonesia – Chinese Customs recorded almost twice as much coal imports in October 2021 as last year. This happens despite the phenomenon of electricity shortages in the country is reduced.
According to data accessed through Wind Information, On Sunday (7/11/2021), monthly coal purchases reached 26.9 million tons in October, up 96.2% from last year. However, it was down 18.2% from 32.9 million tonnes in September 2021.
Chinese authorities have been rushing to tackle a coal shortage since late September, after many factories were forced to cut production. Commonwealth Bank of Australia data said in mid-October, the number of Chinese provinces with significant electricity shortages fell to two, down from 18 at the start of the month.
On Sunday, China’s State Grid said electricity supply and demand in its operating areas had returned to normal, but remained cautious especially in winter.
Meanwhile, the United States (US) remains China’s largest trading partner on a one-country basis. Imports from the US slowed sharply to around 4.6% year-on-year in October, while exports to the US maintained a high growth pace of nearly 22.7%.
Imports from Australia, once China’s biggest source of coal, slumped to 24.3 percent year-on-year growth in October, down from a 50.7 percent pace in September. Exports grew by 22.3%, down slightly from 23.8% in September.
China’s overall imports grew by 20.6% in October, missing expectations of 25% growth, according to Reuters. China’s exports rose 27.1%, beating Reuters’ forecast of 24.5%.
China’s chief economist Nomura Ting Lu said in a report that exports are particularly important to watch as they have been China’s single biggest growth driver for the past year and a half.
Excluding the surge in producer prices, Lu expects China’s exports to grow only 7% year-on-year in October. China’s producer price index for last month will be released Wednesday.
(tfa/tfa)
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