China’s coal imports nearly doubled in October compared to last year – News Couple

China’s coal imports nearly doubled in October compared to last year

Workers sort coal near a coal mine in Datong, north China’s Shanxi Province on November 3, 2021.

Noel Siles | AFP | Getty Images

BEIJING – China imported nearly twice as much coal in October than a year ago, despite signs that the country’s energy shortage is easing, according to customs data released on Sunday.

Monthly purchases of coal reached 26.9 million tons in October, up 96.2% from a year ago, according to data accessed through Wind Information.

However, that was down 18.2% from 32.9 million tons in September.

Chinese authorities have been quick to address the country’s coal shortage since late September, after many factories were forced to cut production. By mid-October, the number of Chinese provinces experiencing significant power shortages had fallen to two, down from 18 at the start of the month, according to the Commonwealth Bank of Australia.

The Chinese State Grid said on Sunday that energy supply and demand in its areas of operation had returned to normal, but it warned of challenges in the coming winter months.

China’s coal import data by country is due to be released later in November.

The United States has been China’s largest trading partner on a one-country basis. Chinese customs data showed that imports from the United States slowed sharply to about 4.6% year on year in October, while exports to the United States maintained a high growth pace of nearly 22.7%.

Customs data showed that imports from Australia – once China’s largest coal exporter – fell to 24.3% year-on-year in October, down from a pace of 50.7% in September. Exports grew 22.3%, down slightly from 23.8% in September.

Read more about clean energy from CNBC Pro

China’s overall imports grew 20.6% in October, missing a 25% growth forecast, according to Reuters. China’s exports rose 27.1%, topping a Reuters forecast of 24.5%.

Exports are particularly important to watch because they have been China’s single largest growth driver over the past year and a half, Nomura’s chief China economist, Ting Lu, said in a report on Sunday.

Excluding higher producer prices, Lu estimates that China’s exports grew just 7% year-on-year in October. China’s producer price index for last month is due on Wednesday.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button