China’s exports fall for first time in seven years
China’s exports fell in November for the first time in seven years as global demand weakened, data showed on Wednesday, adding to pressure on Beijing to reverse a worsening economic slump and avert heavy job losses.
The November trade surplus widened to a new monthly record of $40.1 billion as exports fell 2.2 per cent from the year-earlier period and imports fell even faster, dropping 17.9 per cent, the customs agency reported.
The sharper-than-expected decline adds to pressure on Beijing, which has launched a massive stimulus package to boost consumer spending in hopes of insulating China from the global slowdown.
‘The data breakdown shows a disturbing picture, indicating that in fact there is much to worry about,’ said Sherman Chan, a Moody’s Economy.com economist, in a report.
‘Exports will continue to contract in the next few months – at least until the U.S. and European economies show any solid signs of a bottom.’
3 comments:
Syed, what the hell?
see this is what happens when you copy and paste off the website!
If you look at the economist this week they posted an article saying that China's exports have dropped dramatically from last month at a rate that even the most pessimistic economists were not ready for. So it looks like Beijing won't be able to buoy the economy through its consumption after all.
I think that it is a good move for the Chinese Economy to decrease exports. this will boost the Chinese Economy somewhat, however it will effect many countries in the rest of the world.
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