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Chinese exports drop in slowdown Chinese exports drop in slowdown
(about 1 hour later)
China has reported a fall in exports for the first time in seven years.
Chinese exports fell in November from the same period a year ago for the first time since 2001, data shows.Chinese exports fell in November from the same period a year ago for the first time since 2001, data shows.
But the country managed to report a record monthly trade surplus of $40.1bn (£26.7bn) as decline in imports was even bigger than the fall in exports. But China still reported a record monthly trade surplus of $40.1bn (£26.7bn), as the fall in imports was even bigger than the fall in exports.
Economist have been watching China closely amid worries that global demand could be hit further if China fails to keep its economy growing fast. Exports dropped by 2.2%, while imports shrank by a massive 17.9% as Chinese consumer spending slumped - a sign of the impact of the global downturn.
Chinese exports fell 2.2% from a year earlier, while imports dropped 17.9%. Economists have been watching China closely, amid worries that global demand could be hit further if China fails to keep its economy growing fast.
Weakening demand
"It's just a start. Exports and imports will continue to fall in the coming months, probably until next June," said Zhang Shiyuan at Southwest Securities in Beijing."It's just a start. Exports and imports will continue to fall in the coming months, probably until next June," said Zhang Shiyuan at Southwest Securities in Beijing.
"China's export sector will begin to show signs of stabilisation only with global recovery," said Jing Ulrich at JP Morgan."China's export sector will begin to show signs of stabilisation only with global recovery," said Jing Ulrich at JP Morgan.
The trade surplus in the 12 months till the end of November rose to $278.7bn from $265bn in a year to the end of October.The trade surplus in the 12 months till the end of November rose to $278.7bn from $265bn in a year to the end of October.
Meanwhile, Chinese aviation authorities are urging local airlines to postpone or cancel 2009 plane deliveries amid falling demand for air travel.Meanwhile, Chinese aviation authorities are urging local airlines to postpone or cancel 2009 plane deliveries amid falling demand for air travel.
The move could hurt aircraft makers Boeing and Airbus who have hoped to weather weakening demand in their home markets by relying on growth in emerging markets such as China. The move could hurt aircraft makers Boeing and Airbus, which have hoped to weather weakening demand in their home markets by relying on growth in emerging markets, such as China.