Exports remained robust in October, supported by booming global demand for AI-related goods and green-tech products. But growth eased slightly from September and continued to be flattered by price effects. Import growth accelerated sharply, led by a surge in crude oil imports. But this reflects supply-side dynamics rather than a pick-up in domestic demand, which still appears weak. While it is unclear if efforts to boost fiscal spending finally kicked in last month, there was certainly no boost to import volumes of industrial metals, which remained subdued.
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