China’s November Export Figures May Show First Fall In 7 Years

21st Century Business Herald is reporting that November’s export figures will show the first year on year monthly fall in exports in seven years (here via Reuters).

Citing customs sources, the paper says exports were $100 billion plus for the month but less than the $118 billion exported in November 2007. Imports also fell, the paper says.

In October, exports were worth $128 billion, up 19.2% on the same month a year earlier. As rule of thumb every 1% fall in economic growth in the U.S., China’s main export market, translates into a 10% fall in China’s exports.

If the paper has it right, and it adds a caveat that the data it has seen is preliminary, it would add more colour to the economic red flag, Zhang Ping, chairman of the National Development and Reform Commission, raised earlier this month when he said that economic indicators for November are showing an accelerating rate of slowdown in growth.

It would certainly suggest that the global economic slowdown has hit China’s exporters faster and harder than previously thought — and make policymakers in Beijing even more nervous.

2 Comments

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2 responses to “China’s November Export Figures May Show First Fall In 7 Years

  1. Pingback: Economic Planners Look For Growth In 2009 « China Bystander

  2. Pingback: Exports Fell In November - Official « China Bystander

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