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China's trade decline eases in March
Published in Saudi Press Agency on 10 - 04 - 2009


The plunge in Chinese exports that has
wiped out millions of jobs eased in March amid signs the
collapse in global demand might be bottoming out, according to AP.
Exports fell 17 percent in March from a year earlier, the
fifth straight monthly decline but less severe than
February's 25.7 plunge, the sharpest in a decade, the
customs agency reported Friday. It said trade «showed
clear signs of improvement.»
Imports fell by 25.7 percent, widening the Chinese trade
surplus to $18.6 billion from February's $4.8 billion gap.
The plunge in demand for Chinese goods has thrown at least
20 million people out of work as factories closed,
prompting Beijing to launch a huge stimulus plan to ease
reliance on exports by pumping up domestic consumption.
A survey of Chinese companies released last week showed
manufacturing expanding slightly in March following a
months-long contraction. It also showed the drop in export
orders was easing.
Beijing has taken steps to hold down the price of exports
by cutting taxes on exporters and stopping the rise of
China's tightly controlled currency, the yuan, against the
U.S. dollar. Economists say both steps could strain
relations with trading partners if China is seen to be
competing unfairly.
The continued weakness in imports will hurt other Asian
economies, which supply Chinese factories with raw
materials and industrial components. But analysts say
imports should pick up as factories run down stockpiles of
materials and need to buy more.
Imports are expected to get a boost from the 4 trillion
yuan ($586 billion) stimulus package, which aims to pump
money into the economy through higher spending on
construction of airports and other public works. That is
expected to drive demand for materials such as imported
iron ore to produce steel.
«Export activity showed signs of stabilization,
reflecting modest improvement in global demand,» Jing
Ulrich, chairwoman of China equities for J.P. Morgan, said
in a report. «There are some initial signs of recovery in
China's raw materials demand, driven by government
stockpiling and record imports of iron ore.»
China's global exports in March totaled $90.3 billion,
while imports were $71.7 billion, the customs agency
reported.
China posted a $10.2 billion trade surplus with the United
States as exports to the U.S. market fell 12.6 percent to
$16.4 billion, while imports of American goods dropped 12.7
percent to $6.2 billion.
The country's trade surplus with the 27-nation European
Union was $8 billion as exports plunged 20.2 percent to
$17.2 billion, while imports of European goods declined
17.4 percent to $9.2 billion.


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