China Export expected to plunge in June

Posted by Aliuser on Jul 4, 2009 in China Import and Export

China’s exports in June is expected to decline, a deputy commerce minister Chen Jian said in a news conference last week.

Mr Chen noted that the decline would be less severe than in May and some individual products rebounded in June. The trade data is due to be released next week.

China’s exports in May fell by a record 26.4 percent from the same month of 2008, while imports were down 25.2 percent, according to customs data.

China boosts domestic demand

Photo courtesty of echinab2b.com

Foreign direct investment in China has fallen for eight straight months through May, the longest decline since the 1998 Asian financial crisis.

In the meantime, market analysts believe that China economy bottom out.

“China’s economic growth in the second quarter will be faster than the first quarter, and with efforts China can attain its goal of 8 percent growth for the whole year,” according to Dai Xianglong, former head of the People’s Bank of China, the central bank, said on the sidelines of the Global Think Tank Summit in Beijing.

He reckoned that China’s GDP growth in the second quarter of this year will be higher than that of the first quarter.

China’s GDP grew 6.1 percent in the first quarter this year, the slowest growth in more than a decade.

Related Articles: