Thursday, November 10, 2011

China's export growth slows down as global demand falls

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.

"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." more