Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200812/20081210/article_383995.htm
China's exports fall for first time in 7 years
Created: 2008-12-10 18:50:09
CHINA'S exports fell in November for the first time in seven years as global demand weakened, the General Administration of Customs said today.
Exports fell by 2.2 percent from the year-earlier period and imports fell even faster, dropping by 17.9 percent, the customs agency reported.
It was the first export drop since June 2001, when China's monthly exports were down by 0.6 percent from a year earlier because of slump demand from the US after the high-tech bubble burst.
Last month's trade surplus widened to a monthly record of US$40.1 billion.
The drop in trade was even sharper than most analysts expected.
The government unveiled a multibillion-dollar stimulus package November 9 after China's growth rate fell to 9 percent in the last quarter, down from 11.9 percent last year.
November's exports fell to US$114.9 billion, while imports dropped to US$91.3 billion, the customs agency reported.
Exports fell by 2.2 percent from the year-earlier period and imports fell even faster, dropping by 17.9 percent, the customs agency reported.
It was the first export drop since June 2001, when China's monthly exports were down by 0.6 percent from a year earlier because of slump demand from the US after the high-tech bubble burst.
Last month's trade surplus widened to a monthly record of US$40.1 billion.
The drop in trade was even sharper than most analysts expected.
The government unveiled a multibillion-dollar stimulus package November 9 after China's growth rate fell to 9 percent in the last quarter, down from 11.9 percent last year.
November's exports fell to US$114.9 billion, while imports dropped to US$91.3 billion, the customs agency reported.
Agencies
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