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  • » 08/10/2012, 00.00

    CHINA

    Chinese exports and imports slow down



    Exports grew in July by only 1 per cent (against June's 13 per cent), the lowest since 2009. Imports rose 4.7 (a month earlier it was 6.3). Industrial output declines. Inflation drops because of lower pork and poultry prices.

    Beijing (AsiaNews/Agencies) - The rate of growth of China's exports and imports dropped in July, a sign that the economy of the Asian juggernaut is cooling in response to a weakening global economy.

    In July, exports increased only 1 per cent from a year earlier, far below the 11.3 per cent of June. Imports rose 4.7 per cent against 6.3 in June.

    Both figures indicate a serious deterioration in global demand for Chinese goods, the worst since 2009, with domestic consumers unable to pick up the slack.

    China's sales to European Union countries fell 16.2 per cent last month and growth in U.S. exports slowed to 0.6 per cent from 10.6 per cent in June, customs data showed.

    Industrial output growth unexpectedly slowed last month to 9.2 per cent from a year earlier, less than June's 9.3 per cent.

    One positive aspect is inflation, which rose only 1.8 per cent last month compared to 2.2 in June and 3 per cent in May.

    Lower inflation is due to a drop in the price of pork (-18.7 per cent) and poultry (-6.1 per cent).

    To stimulate the economy, China's central bank twice cut interest rates and lowered the required reserves banks must hold in order to boost lending.

    Many businesses hope the government will launch a new aid package like the one introduced at the start of the crisis in 2008.

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    See also

    25/11/2008 CHINA
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    Thousands of factories closing in the Pearl River delta
    The more than 70,000 factories belonging to Hong Kong companies have been in difficulty for some time because of the rise in the cost of credit and manual labor, energy, raw materials. Now exports to the United States and Europe are falling, and large numbers of facilities are expected to close.

    15/04/2011 CHINA
    China’s economy taking off, so is inflation
    The Gross Domestic Product jumps 9.7 per cent against a 5.4 inflation rate. Chinese leaders now pledge price controls, help for domestic consumption and more flexibility on the yuan. By reducing the purchasing power, this could hit hard middle-income households, and force them into bare subsistence.

    10/08/2011 CHINA
    Global crisis no impact yet on Chinese exports, a record in July
    Surplus of 31.5 billion dollars in trade with foreign countries, a 2 year record, appreciation of the Yuan, a 17 year record. But it is expected that the global crisis will affect exports in the coming months. Beijing says it is ready to change its "economic priorities", but calls for global control of individual countries.

    09/05/2008 CHINA
    Record rise in production costs, China's economy slows
    Energy, food, and raw materials (especially metals) cause the greatest rise in production costs in three years. Meanwhile, the countermeasures of the government are not stopping inflation, which remains over 8%, in spite of a slowdown in exports and in demand for luxury goods.



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