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

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.

Subscribe to The China Post and save 25%. Click here

Share

Print

Email

Related Stories

See more related news

▪	IMF sees China growth halved as crisis spreads
▪	China's inflation falls to 2-year low
▪	Foreign direct investment in China fell 36.5% on year
▪	Producer-price inflation in China is slowest in 2 years
▪	World Bank forecasts deeper gloom

China Breaking News

Updated Saturday, November 21, 2009 2:49 pm TWN
▪	China is passive on dollar's level, PBOC
▪	Chinese yuan seen 20 percent undervalued
▪	China's CNPC agrees to expand Sudan refinery
▪	China blocks U.S., EU call for WTO raw-material curbs
▪	Iron ore output in China may reach record this year

Most Read

▪	Yanks 1st choice: Wang
▪	China will have own bubble to confront, Pimco's Bill Gross says
▪	ROAD PROJECT BEGINS
▪	Gold may fall as rebound in the dollar erodes demand
▪	Taiwan dollar, stocks fall on intervention risk

Sponsors
▪	Get Car Hire Asia, Thailand, Middle East, Cyprus, Dubai, USA
▪	Business Directory