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Saturday 12th of September 2009
September 11, 2009    

China’s exports fall 23% in August

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by Kay Murchie

China’s exports plummeted 23% in August compared with the same month last year, official data has revealed.

Exports were worth $103.7 billion in August compared with $134.9 billion in the same month a year earlier, with all major industrial products experiencing double-digit falls.

Meanwhile, imports declined 17% to $88 billion, while the overall trade surplus fell 45% compared with August 2008 to $15.7 billion, but was up from July.

The export figures were worse than analysts had expected.

Premier Wen Jiabao comments: “The stabilisation and recovery of the Chinese economy is not yet steady, solid and balanced.”

“Some of the stimulus measures will see their effect wane, and it will take time before those long-term policies show effect.”

Meanwhile, the Government said that trade with the European Union fell almost 21%, while for the year to date, China’s total trade with the US declined 16.4% and its trade with Japan (its major trading partner) fell 22%.

However, a spokesperson for the National Bureau of Statistics, said China is on target for 8% annual economic growth.

“So far, the main reason why the overall economy is stabilising and starting to recover is that we adopted the stimulus package to expand domestic demand,” said the spokesperson.

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