China’s January Exports Fall 17.5%, Most Since 1996
China’s exports fell by the most in almost 13 years as demand dried up in the U.S. and Europe, worsening the outlook for jobs and industrial production in the world’s third-biggest economy.Shipments declined 17.5 percent in January from a year earlier, the customs bureau said on its Web site today, after falling 2.8 percent in December. The latest number was worse than the 14 percent decline forecast in a Bloomberg News survey of 14 economists.
China’s economic slide has already cost the jobs of 20 million migrant workers, adding pressure on the government to boost consumption and expand a 4 trillion yuan ($585 billion) stimulus package. Government researchers have advocated weakening the yuan against the dollar to support exports, a move that could add to trade tensions amid the worst financial crisis since World War II.