China's export value down 17.5% in Jan.
http://news.xinhuanet.com/english/2009-02/11/content_10800402.htm
BEIJING, Feb. 11 (Xinhua) -- China's export volume went down 17.5
percent year-on-year to 90.45 billion U.S. dollars in January, the
General Administration of Customs said on Wednesday.
The import volume, however, fell by a much larger degree of 43.1
percent to 51.34 billion U.S. dollars.
The total foreign trade was 141.8 billion U.S. dollars, with the
trade surplus up 102 percent over the same month of last year to 39.1
billion U.S. dollars.
However, the customs administration said, after deducting the
effect of the week-long Spring Festival holiday, the year-on-year
export growth was 6.8 percent and the import decline was 26.4 percent
on real term. On monthly basis, the export volume was up 10.1 percent
on December and the import value down 3.8 percent.
Of the total Jan. external trade, foreign-funded companies
accounted for 52.2 percent, or 74.05 billion U.S. dollars, down 32.3
percent from a year ago, and state-owned businesses made up 22.3
percent, or 31.65 billion dollars, down 34.8 percent.
The total included 27.93 billion U.S. dollars in trade between
China and the European Union, down 18.7 percent, 22.25 billion dollars
in trade between China and the United States, down 15.2 percent, and
14.5 billion dollars in trade between China and Japan, down 28
percent.
In January China sold abroad 10.51 billion U.S. dollars worth of
clothing, up 5.7 percent on the same month of last year, and 2.91
billion dollars worth of shoes, up 10.6 percent.
Meanwhile, export value of machines and electronics, which
accounted for 54.3 percent of China's total exports, fell 20.9 percent
to 49.14 billion U.S. dollars, and export volume of new- and high-tech
products dropped 28 percent to 21.66 billion U.S. dollars.
According to the customs administration, in January China bought
from abroad 32.65 million tonnes of iron ores, down 11.2 percent from
a year earlier, 12.82 million tonnes of crude oil, down 8 percent,
2.39 million tonnes of refined oil, down 26.2 percent. Arrivals of
finished industrial products were 37.49 billion dollars worth, down
39.9 percent.
On Feb 11, 7:05 am, "[email protected]" <[email protected]> wrote:
> My comment: Despite we see positive signs in the long term for China´s
> economy (12-18 months and beyond), We are having hard times in the
> short term in the export side.
>
> The goal is not to reduce exports but to increase imports in order to
> push domestic demand and help friendly economies..
>
> The higher risk for other economies that want to take advantage of
> China´s growth is to fall into the protectionist hook and therefore
> into a trade war with daily batlles at the World Trade Organization.
> Of course, China cannot do anything but to advise others and as it
> did, to stay away of that policies.
>
> Peace and best wishes.
>
> Xi
>
> http://www.bloomberg.com/apps/news?pid=20601087&sid=axZwl6OyPaZY&refe...
>
> Feb. 11 (Bloomberg) -- China’s exports fell by the most in almost 13
> years as demand dried up in the U.S. and Europe, worsening the outlook
> for jobs and industrial production in the world’s third-biggest
> economy.
>
> Shipments declined 17.5 percent in January from a year earlier, the
> customs bureau said on its Web site today, after falling 2.8 percent
> in December. The latest number was worse than the 14 percent decline
> forecast in a Bloomberg News survey of 14 economists.
>
> China’s economic slide has already cost the jobs of 20 million migrant
> workers, adding pressure on the government to boost consumption and
> expand a 4 trillion yuan ($585 billion) stimulus package. Government
> researchers have advocated weakening the yuan against the dollar to
> support exports, a move that could add to trade tensions amid the
> worst financial crisis since World War II.
>
> “All China’s major trading partners are in recession,” said Dariusz
> Kowalczyk, chief investment strategist at SJS Markets Ltd. in Hong
> Kong. “Boosting domestic demand is extremely important.”
>
> Imports declined 43.1 percent in January from a year earlier, the
> biggest decline since Bloomberg data began in 1995, on the nation’s
> waning demand for raw materials for manufacturing and lower commodity
> prices. The trade surplus was $39.11 billion, the second-highest on
> record.
>
> Central bank Governor Zhou Xiaochuan said yesterday that the nation
> needed to cut its savings rate to boost consumption and sustain
> growth.
>
> ‘Guiding’ China’s Currency
>
> China’s expansion may slump to 3 percent this quarter from a year
> earlier, the worst performance in at least 15 years, Kowalczyk said.
> The government may expand a program of subsidies for home-appliance
> purchases, keep cutting interest rates and bank reserve requirements
> and let the yuan fall to 7 against the dollar this year, he said.
>
> China should “actively guide” the yuan to about 6.93 against the
> dollar to aid growth and bolster employment, according to a report by
> the Ministry of Finance’s research institute published Feb. 7.
>
> The Chinese currency rose to 6.8339 per dollar as of 12:13 p.m. in
> Shanghai today from 6.8342 before the data was released.
>
> U.S. Treasury Secretary Timothy Geithner said yesterday that the new
> administration is yet to decide whether China is manipulating its
> currency. He added that China was an important force for global
> economic stability and “it is in the interests of the United States to
> work closely with them.”
>
> Toy Factories Close
>
> The trade slump was likely exacerbated by a week-long Lunar New Year
> holiday, which occurred in January this year and February last year.
>
> Mattel Inc., the world’s biggest toymaker, said this month that fourth-
> quarter profit plunged as consumers cut spending on Barbie dolls and
> Hot Wheels cars during the worst U.S. holiday- shopping season in 40
> years.
>
> Mattel imports from China, where more than 4,000 toy companies closed
> last year as demand fell and countries tightened safety standards,
> according to the official Xinhua News Agency.
>
> China’s industrial output grew 5.7 percent in December, down from 17.4
> percent a year earlier.
>
> The nation’s waning demand for raw materials and parts to manufacture
> exports is dragging down economies across Asia. Taiwan’s shipments to
> the mainland slumped 64 percent in January because of weaker demand
> for electronic components. Philippine shipments to China fell 58
> percent.
>
> Trade Tensions
>
> Rising protectionism may make it “even more difficult for China to
> have an export recovery any time soon,” according to Isaac Meng, a
> senior economist at BNP Paribas SA in Beijing.
>
> He cited “Buy American” provisions in a U.S. economic stimulus
> package, watered down after warnings from President Barack Obama and
> foreign leaders that they risked triggering a trade war.
>
> India imposed a six-month ban on imports of Chinese toys last month,
> citing health concerns. China said Feb. 9 that India’s trade barriers
> may have “a serious impact on bilateral trade relations.”
>
> China’s economy grew 6.8 percent from a year earlier in the fourth
> quarter, the slowest pace in seven years, after gaining 9 percent in
> the previous three months.
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