China foreign trade declines for 9th month in row
BY K J M Varma9 Dec 2015 6:20 AM IST
K J M Varma9 Dec 2015 6:20 AM IST
China’s foreign trade in November dropped 4.5 percent year-on-year to $337 billion, the ninth consecutive monthly decline, compounding the slowdown in the world’s second-largest economy, official data showed on Tuesday.
The decline range in November to 2.16 trillion yuan ($37 billion) significantly contracted when compared with the nine per cent year-on-year plunge registered in October, the General Administration of Customs data showed. A key driver of global economic growth, China’s shipments of finished goods and its requirement of resources to manufacture them affects nations across the world.
Exports dropped 3.7 per cent to 1.25 trillion yuan and imports fell by 5.6 per cent to 910 billion yuan. The trade surplus expanded by two per cent to 343.1 billion yuan, state-run Xinhua news agency reported.
In the first 11 months, foreign trade dropped 7.8 per cent year-on-year to 22.08 trillion yuan. They were separated into 12.71 trillion yuan for exports, down 2.2 per cent; and 9.37 trillion yuan for imports, down 14.4 per cent. Meanwhile, the trade surplus surged 63 per cent to 3.34 trillion yuan. China reported 3.16 trillion yuan worth of trade with the EU, in the first 11 months, down 7.7 per cent year on year.
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