10 July 2009 15:59 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s exports in June fell by 21.4% year on year, registering the eighth successive monthly decline due to weak overseas demand amid the global financial crisis, China Customs said late on Friday.
Exports in June were valued at $95.41bn (€67.74bn), while imports dropped by 13.2% year on year to $87.16bn, according to figures released on China Customs’ website.
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In the first half of 2009,
“It’s unlikely that
China's export growth should improve to -10% in the second half of this year and to about 5% in the first half of next year, according to Ma Jun, a Hong Kong-based economist with Deutsche Bank.
Exports of garments and clothing accessories in the first half of this year dropped by 8.5% to $45.86bn, while those of plastic products fell by 7.1% to $6.57bn, according to China Customs.
Imports of finished chemical products and related products fell by 19.2% year on year to $49.32bn, the data showed.
To boost exports, the Chinese government has reduced export taxes on a range of commodities since late last year.
It has also hiked export tax rebates seven times since August 2008.
($1 = €0.71)
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