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Updated Thursday, December 11, 2008 10:47 am TWN, Bloomberg

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China’s exports decline for first time in 7 years

BEIJING -- China’s exports fell for the first time in seven years, more evidence that recessions in the U.S., Europe and Japan are driving the world’s fourth-largest economy into a slump. Exports declined 2.2 percent in November from a year earlier, the customs bureau said in a statement on its Web site Wednesday. Imports plunged 17.9 percent, pushing the trade surplus to a record US$40.09 billion.

The trade collapse intensifies pressure on China’s leaders to cut interest rates, extend a 4 trillion yuan (US$581 billion) spending plan and let the yuan depreciate. China’s exports quadrupled after the country joined the World Trade Organization in 2001, helping to make it the fastest-expanding major economy and the biggest contributor to global growth.

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