Chinese Exports Plunge 22% YoY, Imports plunge 23% YoY, Hampering Recovery Plans

Discussion in 'Economics' started by ByLoSellHi, May 11, 2009.

  1. I don't think I'd want to be long commodities or oil right about now.

    These stats are being reported AFTER China's much ballyhooed stimulus efforts.


    China’s Export Decline Accelerates, Hampering Recovery Plans
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    By Kevin Hamlin

    May 12 (Bloomberg) --
    China’s export slump worsened in April, making it harder for the government to revive the world’s third-biggest economy.

    Overseas sales declined 22.6 percent from a year earlier, the official Xinhua News Agency said. Imports fell 23 percent.

    The collapse of world trade has cost millions of jobs in China and dragged growth to its weakest pace since at least 1999. Surging lending and a 4 trillion yuan ($586 billion) stimulus package are yet to establish solid foundations for an economic recovery, the central bank said last week.

    “The export outlook remains highly uncertain and downbeat,” said Tao Dong, chief Asia economist at Credit Suisse in Hong Kong. China will still be the first major economy to “crawl out of recession” as lending and stimulus spending fuel growth, he added.

    April’s export decline compared with March’s 17.1 percent slump. The median forecast of 19 economists surveyed by Bloomberg News was for a 15.3 percent drop.

    Shanghai International Port Group Co., the operator of China’s busiest container harbor, said profit tumbled in the first quarter as it moved 14.5 percent fewer containers .

    China’s biggest trade fair, in the southern city of Guangzhou, said this month that the value of export orders at the event fell 16.9 percent to $26.23 billion from six months earlier.

    China’s economic expansion weakened to 6.1 percent in the first quarter, the slowest pace since at least 1999. The International Monetary Fund predicts that the global economy will contract 1.3 percent this year with world trade declining 11 percent.

    To contact the reporters on this story: Kevin Hamlin in Beijing at
    Last Updated: May 11, 2009 22:15 EDT
  2. 22,6 % ? And I thought these Copper Piles in Shanghai would be sold like hotdogs on New York 5th Avenue...:D
  3. I read a lot of analysis how the Chinese stimulus plan was "working". The matter of the fact is the Chinese are adding tons of NEW capacity to a heap of EXCESS capacity in one gigantic leveraged bet the world economy will rebound and demand for Chinese exports will come bounce back to old levels. What if it doesn't? China could well be inflating the biggest bubble of them all right now.

    Creating a domestic consumer with strong domestic consumption to make them less dependent on exports is a decade or two away for the Chinese.
  4. Their Market was up on the News.

    Don't listen to the garbage posts here if you want to make more that $5 per day.