. Earth Science News .
TRADE WARS
China exports surge in January

by Staff Writers
Beijing (AFP) Feb 10, 2010
China said Wednesday that its exports surged in January for the second straight month, solidifying the Asian powerhouse's new position as the world's leading exporting nation.

Shipments grew 21 percent on-year last month to 109.475 billion dollars, the customs bureau said, cementing a turnaround that began in December when a year-long decline in exports ended.

On Tuesday, Germany ceded to China the title of top global exporter that it had claimed in 2003, as the European leader's trade suffered its sharpest slump since 1950.

Chinese export data is being closely watched not only for clues to the state of the nation's economy but for what it says about recovering demand in crisis-hit markets such as the United States and Europe.

However, analysts warned the data was inflated due to a low base of comparison in 2009.

China's Lunar New Year, the nation's most important holiday, came in January of last year, crimping exports that were already low at the time as the world economic crisis took hold.

"The 21 percent growth was not strong at all. There is nothing to celebrate as I see it," said Ken Peng, an economist with Citigroup in Beijing, who called the month's performance "rather weak".

"I think we may have to wait until March to see the real export situation."

The figures showed January exports fell 16.3 percent compared to December.

China's trade surplus reached 14.17 billion dollars in January, the figures showed, a decline of 63.8 percent on-year.

Still, the data marked a continuation of the turnaround in December, when exports grew 17.7 percent, snapping a string of 13 straight months in which they declined due to limp overseas demand.

While also noting the 2009 low base effect, Robert Subbaraman, an economist at Nomura International (HK) Ltd in Hong Kong, said the figures were an "encouraging" sign that the global economy could be emerging from recession.

He noted that China's imports jumped 85.5 percent in January compared to the same month in 2009, reaching 95.3 billion dollars.

"A lot of those imports are parts and components that will eventually feed into exports. So it is a harbinger of the exports pick-up continuing," Subbaraman said.

"But also I think it reflects the strength of China's own demand on the back of the investment boom and an unfolding consumption boom as well."

China announced a massive four-trillion-yuan (586-billion-dollar) stimulus package in late 2008, with much of the money targeted at large infrastructure and other projects aimed at boosting domestic demand.

Beijing has called for more domestic consumption, in part to lessen the economy's reliance on overseas demand for its exports.

Germany on Tuesday confirmed the crowning of China as the world export leader in 2009 with the release of its full-year figures. China had earlier released its 2009 data.

The German statistics office said the nation's exports totalled 1.12 trillion dollars last year, compared to China's 1.20 trillion dollars.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Global Trade News



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


TRADE WARS
Ma says China trade pact crucial to Taiwan
Taipei (AFP) Feb 9, 2010
Taiwan's President Ma Ying-jeou said Tuesday that the island needs a proposed trade pact with China despite warnings that Taipei would become more reliant on its powerful neighbour. Ma said he hopes to build the island into an Asia-Pacific investment hub hosting the regional headquarters of local and multinational businesses. "The odds of reaching the goals would increase once the agreem ... read more







The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement