12 Sep 2009

Sharp decline in exports from China

7:00 am on 12 September 2009

Exports from China continued to decline in August, down 23% from the same month last year.

Official figures show exports fell to $US103.7 billion, from $US134.9 billion in August 2008.

Exports of almost all major industrial products were well down.

The BBC reports the trade surplus fell 45% from August 2008 to $15.7 billion, but was up from July.

China's total trade with the United States is down 16.4% to date this tyear. Trade with Japan is down 22%. Trade with the European Union dropped nearly 21%.

Premier Wen Jiabao said on Thursday that stabilisation and recovery of the Chinese economy was "not yet steady, solid and balanced."

China is targeting 8% economic growth this year after growth of 10% annually over the past few years. It is relying on a stimulus plan worth $US586 billion to boost spending this year.