Posted on 08/11/2012 12:02:32 AM PDT by bruinbirdman
China's exports slumped in July, as faltering demand from the country's two biggest foreign customers, the European Union and United States provided further evidence that the global economy is stalling.
Chinese exports grew by an annual rate of 1pc in July, the weakest since January, as exports to the EU fell by almost 16pc.
This compares to growth of 11.3pc in June, and falls well short of economists' predictions for growth of 8pc.
July imports rose 4.7pc from a year earlier, the weakest since April and also well short of expectations for an increase of 7pc.
Earlier this month, Korea reported an 8.8pc contraction in July exports and Taiwan’s exports slumped by 11.6pc during the same period.
"Given this backdrop, the 1pc year-on-year from China merely reconfirmed that the severe headwind from the euro zone crisis and the US slowdown is blowing harder," said Wei Yao at Societe Generale.
Asian markets fell on the back of the disappointing data. The Shanghai Composite Index fell by 0.3pc to 2,167.50, while Hong Kong's Hang Seng Index fell by 1pc to 20,081.93. The Nikkei 225 in Japan fell 1.3pc to 8,864.81.
At a press briefing before the data were released, China's vice commerce minister, Gao Hucheng, told reporters it would be a challenge for China to meet its
(Excerpt) Read more at telegraph.co.uk ...
They can afford to cope. I suspect China will use some of its massive financial surplus to pay for infrastructure projects and things like that until the economic winds change...
They really cannot afford to cope. China’s economic growth is driven by exports.
When Western demand falls, China suffers.
Massive financial surplus?
China is in debt just like the rest of them.
Wonder how the Cheerleaders for Communist China will spin this one....
China makes nothing of quality, has no domestic market (its per capita income, GNP and GDP are Third World low), and can only rely on sucker First Worlders who think Free Trade still works
China makes most of the consumer electronics that 9 billion people in the world use, 54% of the world’s steel, and so on.
Funny that the liberal media has recently gone on “poor china is having economic problems” campaign. I say BS. They China might have a little reduction in sales as we the U.S.A. cannot buy as much of their stuff , ditto for Europe.but China is still growing at over 7% while we in the U.S. are about to jump into the abyss with $700,000 in total debt per U.S. family. We are living off this debt and past wealth as we produce nothing of value as China produces all .If you borrowed $700,000 yeah you would appear to be well off for a while but we know the abyss is near.
Steyn says $700,000 debt per family in the U.S.:
http://www.freerepublic.com/focus/f-news/2917105/posts?q=1&;page=51
China makes most of the consumer electronics that 9 billion people in the world use, 54% of the world’s steel, and so on.
Funny that the liberal media has recently gone on “poor china is having economic problems” campaign. I say BS. They China might have a little reduction in sales as we the U.S.A. cannot buy as much of their stuff , ditto for Europe.but China is still growing at over 7% while we in the U.S. are about to jump into the abyss with $700,000 in total debt per U.S. family. We are living off this debt and past wealth as we produce nothing of value as China produces all .If you borrowed $700,000 yeah you would appear to be well off for a while but we know the abyss is near.
Steyn says $700,000 debt per family in the U.S.:
http://www.freerepublic.com/focus/f-news/2917105/posts?q=1&;page=51
I agree with you though when you say sucker First Worlders who think Free Trade still works. free trade is killing the U.S.A. but there are many suckers that believe in free trade.
You are wrong.
China has a *huge* amount of America market.
Go to a store. Any store. Most of what is sold there, is from China.
Everyday stuff you buy all the time, and more expensive stuff too.
We have lost industry after industry. Now we have almost half our population who do nothing but sit around for a check - and we’re confused.
BRING BACK US JOBS.
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