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China's export growth slows down as global demand falls | China's export growth slows down as global demand falls |
(40 minutes later) | |
China's export growth slowed further in October as the eurozone debt crisis and fears of a slowdown in the US dented demand for its goods, figures show. | China's export growth slowed further in October as the eurozone debt crisis and fears of a slowdown in the US dented demand for its goods, figures show. |
Shipments from China rose 15.9% from a year earlier, down from a 17.9% growth in September and 24.5% in August. | |
Meanwhile, imports grew 28.7%, resulting in a trade surplus of $17bn (£10.7bn) | |
The data has raised fresh concerns about the impact of a global slowdown on China's export-led growth. | The data has raised fresh concerns about the impact of a global slowdown on China's export-led growth. |
"Export growth continued to drop last month against the backdrop of a sputtering economy in European countries, which is the largest export destination of our country," said Wang Hu of Guotai Securities in Shanghai. | "Export growth continued to drop last month against the backdrop of a sputtering economy in European countries, which is the largest export destination of our country," said Wang Hu of Guotai Securities in Shanghai. |
"With the euro debt crisis spreading, we expect export growth to further decline in the months ahead." | |
Domestic boost? | |
China's growth in recent years has been led by the success of its manufacturing and export sector, which has helped it become the world's second-largest economy. | |
However, economic troubles in the US and eurozone, two of the biggest markets for Chinese goods, have led to a decline consumer demand, raising concerns about the prospects for China's economy. | |
On Wednesday, Christian Lagarde, the head of the International Monetary Fund (IMF), called upon China to alter its export-led growth policy and focus on boosting domestic demand in order to sustain growth. | |
Analysts said the latest data showed that demand in China was growing steadily. | |
"Import growth is a bit higher than we expected, showing that domestic demand is still resilient," said Mr Wang. | |
However, some analysts said the jump in import numbers was not a true indicator of domestic demand. | |
They said that manufacturers were taking advantage of a drop in commodity prices to build up stock levels and that was impacting the import numbers. | |
"It's likely that the inventory building still continues, partly because of the declining global prices," said Li Cui of Royal bank of Scotland. | |
"The producers take this opportunity to build their inventories." |
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