China’s June exports fall 21.4% from ’08 on shrinking demand

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.

The drop in China’s June exports slowed compared with May, when exports were down 26.4% to $88.76bn.

In the first half of 2009, China’s exports decreased by 21.8% to $521.53bn, while imports fell by 25.4% to $424.59bn, China Customs said.

“It’s unlikely that China’s monthly exports will show a year-on-year increase by the end of this year,” said Bian Xubao, an economist with Shandong-based brokerage firm Qilu Securities.

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.

China imported 90.77m tonnes of crude oil in the first six months of 2009, up slightly by 0.3% year on year, the government agency said.

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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