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Trade Losses Rise in China, Threatening Jobs
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Exports measured in dollars were 2.8% lower in December than a year ago, and imports down 21.3%, according to the customs agency. Measured in yuan exports were down 9% from a year ago. To get a sense of how big an impact this is, consider that the exports were growing an an annual rate of close to 30% in summer 2007. The result is millions of workers having lost heir jobs heading back to homes in rural areas by train. The slow down in imports also reflects exporters cutting back on purchases in anticipation of falling demand. Importers in the USA are finding it harder to get letters of credit financing, and rates are as high as 20% according to Bank of America, Sr VP Treasury products. This suggests the slowdown is just beginning and could be severe in 2009.
The impact of the 2008 global financial crisis on China, with the steep drop in exports to the U.S. and European Union
01/14/2009
Expecting a wave of bankruptcies in the manufacturing sector companies reduce imports and layoff employees. In 2007 exports measured in yuan were growing at about 30% a year, in Jan. 2009 the exports dropped by 9% from the prior year- a huge shock for the manufacturing sector in China. Millions of workers head home back to rural areas on trains. The outlook is grim.
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