China trade outlook grim

The Star ^ | 07/11/2013 | Reuters

[TexGrill]

BEIJING: China has warned of a “grim” outlook for trade as the world’s second-largest economy surprised financial markets by reporting a fall in exports and imports when both had been expected to rise.

The figures, which follow a government crackdown on the use of fake invoicing that had exaggerated exports earlier this year, are likely to raise fresh concerns about the extent of the slowdown in the economy and global demand. The June data, showing that exports fell 3.1% from a year earlier and imports dropped 0.7%, may now reflect the true trade picture, customs officials said.

“China faces relatively stern challenges in trade currently,” customs spokesman Zheng Yuesheng told a news briefing on the June trade figures. “Exports in the third quarter look grim.”

The customs agency said exporters were losing confidence in the face of weak overseas demand, rising labour costs and a strong yuan. The Australian dollar briefly fell about a third of a cent after the China data, reflecting worries about Chinese demand for Australia’s commodities, such as iron ore and coal.

[SeminoleCounty]

Never mind the Free Trade trolls. They are the ones in agreement with Obama...who is trying to pass that disastrous US-EU Free Trade deal...which will force the US to adopt all the EU Global Warming nonsense

Creating American manufacturing jobs should be priority #1. But the Free Traders and their friend Obama do not want that to happen

[Trod Upon]

My JC Penny freezer is older than I am, and I’m starting to wonder which of us will outlast the other. I hear the new ones go 5-10 years if you’re lucky.

[1rudeboy]

Now, now . . . don’t be misrepresentin’.

[Cringing Negativism Network]

Bump.