{"id":393,"date":"2016-03-08T13:01:27","date_gmt":"2016-03-08T13:01:27","guid":{"rendered":"https:\/\/phoenixglobalgroup.com\/mi-katigoriopoiimeno\/chinas-export-slump\/"},"modified":"2024-02-27T09:45:54","modified_gmt":"2024-02-27T09:45:54","slug":"chinas-export-slump","status":"publish","type":"post","link":"https:\/\/phoenixglobalgroup.com\/el\/nea\/chinas-export-slump\/","title":{"rendered":"China\u2019s Export Slump"},"content":{"rendered":"<div class=\"news-short\">\n<p>By: Bloomberg News | Mar 08 2016 at 02:38 AM |\u00a0<a title=\"International\u00a0Trade\" href=\"https:\/\/www.ajot.com\/news\/channel\/international-trade\">International\u00a0Trade<\/a><\/p>\n<p>China\u2019s export slump deepened in February, highlighting the challenge for policy makers seeking to keep the economy humming at home while trade acts as a brake on growth. The week-long Chinese new year holidays fell in February this year, closing factories and curbing shipments. That saw exports tumble 25.4 percent in U.S. dollar terms from a year earlier, the biggest decline since May 2009. Imports extended a streak of declines to 16 months, slumping 13.8 percent, leaving a trade surplus of $32.6 billion. A slowdown in global trade is making it harder for China\u2019s leaders, who are gathered in Beijing this week to set the nation\u2019s economic plans, to keep growth at the targeted 6.5 percent to 7 percent range. After early declines, China\u2019s benchmark stock index eked out a gain in the final minutes of trading amid speculation of buying by state-backed funds. \u201cExports got pummeled again in February, highlighting the downturn in global demand,\u201d said Frederic Neumann, co-head of Asian economic research at HSBC Holdings Plc in Hong Kong. \u201cHopes for a global rebound need to be tempered with numbers like these. It\u2019s easy to blame Chinese New Year distortions, but there is a much deeper malaise that is becoming apparent in the numbers.\u201d<\/p>\n<p>Reflecting uncertainties over the global outlook, the government didn\u2019t set a specific target for trade at the annual congress meeting after it failed to meet the goal last year.<br \/>\nClouding interpretation of February\u2019s reading is the week-long Chinese New Year holiday, which spurs manufacturers and importers to front-load or delay orders. Much of the export slump is down to distortions from the holiday, said Julian Evans-Pritchard, a China economist at Capital Economics Ltd. \u201cWe really need the whole of first quarter data to work out what is underlying demand and what is seasonal impact,\u201d he said. Shipments to all major trading partners declined, plunging more than 20 percent to the U.S., Brazil, Canada, Germany, France, Hong Kong, Japan, and Asean nations. The magnitude of declines\u2014analysts had forecast a 14.5 percent slide in shipments according to a survey by Bloomberg News\u2014suggests a weaker yuan has yet to give exporters a sustained boost. \u201cIt\u2019s another shocker,\u201d said Michael Every, head of financial markets research at Rabobank Group in Hong Kong. \u201cMore stimulus is likely to be needed on both the monetary and fiscal front, and that will argue against the yuan stability China craves.\u201d<\/p>\n<p>Separate data also raised concern over domestic demand, with auto sales down 3.7 percent in February from a year earlier. Holiday effects explain some, but not all, of the weakness in the February trade data, according to Bloomberg Intelligence economists Tom Orlik and Fielding Chen. \u201cStimulus appears slow to gain traction, with weak global demand compounding softness in China\u2019s domestic economy,\u201d they wrote in a note. While the outlook for exports remains weak, \u201cChina\u2019s real effective exchange rate has swung from marked appreciation in the middle of 2015 to basically flat in early 2016. That means the exchange rate should cease to be a drag on sales.\u201d<\/p>\n<p>Source:\u00a0<a href=\"https:\/\/www.ajot.com\/news\/chinas-export-slump-shows-growth-push-hinges-on-local-demand\">https:\/\/www.ajot.com\/news\/chinas-export-slump-shows-growth-push-hinges-on-local-demand<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By: Bloomberg News | Mar 08 2016 at 02:38 AM |\u00a0International\u00a0Trade China\u2019s export slump deepened in<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[33],"class_list":["post-393","post","type-post","status-publish","format-standard","hentry","category-nea","tag-2016-el"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China\u2019s Export Slump - 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