BEIJING : China's export growth slowed in October but beat forecasts as booming global demand for holiday seasons, an easing power crunch and mitigating supply chain disruptions offset some pressures facing the world's second-largest economy.
Zhiwei Zhang, chief economist at Pinpoint Asset Management, said the strong exports would help to mitigate the weakening domestic economy, and offer the government with more room to manoeuvre economic policy. However, under heavy government intervention, some supply constraints have started to ease in recent weeks. A power crunch - triggered by a shortage of coal, tougher emission standards and strong industrial demand - has started to ease after heavy government intervention.
China's crude oil imports plunged in October to their lowest since September 2018, while coal imports slowed as domestic production boomed. Purchases of iron ore slipped for a second month on easing demand.
Source: Financial Digest (financialdigest.net)
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