sharon sanders
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China?s exports fall for first time in seven years
Wednesday, 10 Dec, 2008 | 05:20 PM PST |
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<script type="text/javascript"> if(imageSlide.length > 0) { changeslides("initial") } else { document.getElementById("imageContainer").style.visibility="hidden"; document.getElementById("captioncontainer").style.visibility="hidden"; document.getElementById("backforthbuttons1").style.visibility="hidden"; document.getElementById("masterContainer").style.visibility="hidden"; document.getElementById("divCaption0").style.visibility="hidden"; document.getElementById("divCaption1").style.visibility="hidden"; document.getElementById("divCaption2").style.visibility="hidden"; document.getElementById("divCaption3").style.visibility="hidden"; document.getElementById("divCaption4").style.visibility="hidden"; } </script> BEIJING: 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.?
Beijing unveiled its 4 trillion yuan ($586 billion) stimulus package Nov. 9 after China?s growth rate fell to 9 per cent in the last quarter, down from 11.9 per cent last year.
Moody?s Investors Service warned in a report that the stimulus will not be enough to make up for the loss in foreign trade.
?China is facing its most serious economic downturn in two decades,? the rating agency said. The stimulus package, while large, ?will not be able to offset fully the negative effects from the contraction in global trade.?
China?s economy is expected to grow by about 9 per cent this year but forecasters expect that to weaken in 2009. The World Bank has cut its 2009 growth forecast from 9.2 per cent to 7.5 per cent, its lowest since 1990.
Beijing usually issues monthly customs data in the morning, but took the unusual step of delaying Wednesday?s announcement until late afternoon, possibly waiting for financial markets to close to avoid dragging down Chinese stock prices, which rose Wednesday.
Chinese exporters have been hammered by a drop in foreign demand, leading to factory closures and layoffs. Communist leaders have warned that more job losses might fuel unrest and are pressing companies to minimize job cuts.
There have been scattered labor protests in recent months in Guangdong province in the southeast, the heart of China?s export-driven manufacturing industry.
China?s trade slowdown is a setback for foreign exporters that hoped it might help to support global growth as the United States weakened.
On Wednesday, Beijing told China?s troubled airlines to cancel or postpone aircraft purchases due to weak travel demand, a move that could hurt Chicago-based Boeing Co. and Toulouse, France-based Airbus. The aviation regulator told carriers it will not approve any new aircraft for operation until at least 2010.
November?s exports fell to $114.9 billion, while imports dropped to $91.3 billion, the customs agency reported.
It was the first time China?s exports have fallen since June 2001, according to the official Xinhua News Agency.
http://www.dawn.net/wps/wcm/connect...xports-fall-for-first-time-in-seven-years--ha
Wednesday, 10 Dec, 2008 | 05:20 PM PST |
<script type="text/javascript"> var imageSlide=new Array() var captionSlide=new Array() if('
The port of Shenzhen, a city in south China that has flourished during 30 years of market reforms ?AFP
<!--
<script type="text/javascript"> createnumbers() //This call writes out the numbers </script> --> <script type="text/javascript"> if(imageSlide.length > 0) { changeslides("initial") } else { document.getElementById("imageContainer").style.visibility="hidden"; document.getElementById("captioncontainer").style.visibility="hidden"; document.getElementById("backforthbuttons1").style.visibility="hidden"; document.getElementById("masterContainer").style.visibility="hidden"; document.getElementById("divCaption0").style.visibility="hidden"; document.getElementById("divCaption1").style.visibility="hidden"; document.getElementById("divCaption2").style.visibility="hidden"; document.getElementById("divCaption3").style.visibility="hidden"; document.getElementById("divCaption4").style.visibility="hidden"; } </script> BEIJING: 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.?
Beijing unveiled its 4 trillion yuan ($586 billion) stimulus package Nov. 9 after China?s growth rate fell to 9 per cent in the last quarter, down from 11.9 per cent last year.
Moody?s Investors Service warned in a report that the stimulus will not be enough to make up for the loss in foreign trade.
?China is facing its most serious economic downturn in two decades,? the rating agency said. The stimulus package, while large, ?will not be able to offset fully the negative effects from the contraction in global trade.?
China?s economy is expected to grow by about 9 per cent this year but forecasters expect that to weaken in 2009. The World Bank has cut its 2009 growth forecast from 9.2 per cent to 7.5 per cent, its lowest since 1990.
Beijing usually issues monthly customs data in the morning, but took the unusual step of delaying Wednesday?s announcement until late afternoon, possibly waiting for financial markets to close to avoid dragging down Chinese stock prices, which rose Wednesday.
Chinese exporters have been hammered by a drop in foreign demand, leading to factory closures and layoffs. Communist leaders have warned that more job losses might fuel unrest and are pressing companies to minimize job cuts.
There have been scattered labor protests in recent months in Guangdong province in the southeast, the heart of China?s export-driven manufacturing industry.
China?s trade slowdown is a setback for foreign exporters that hoped it might help to support global growth as the United States weakened.
On Wednesday, Beijing told China?s troubled airlines to cancel or postpone aircraft purchases due to weak travel demand, a move that could hurt Chicago-based Boeing Co. and Toulouse, France-based Airbus. The aviation regulator told carriers it will not approve any new aircraft for operation until at least 2010.
November?s exports fell to $114.9 billion, while imports dropped to $91.3 billion, the customs agency reported.
It was the first time China?s exports have fallen since June 2001, according to the official Xinhua News Agency.
http://www.dawn.net/wps/wcm/connect...xports-fall-for-first-time-in-seven-years--ha