China trade sinks in gloomy economy
The Chinese government announced Wednesday that its exports fell 2.2 percent and imports dropped a whopping 17.9 percent during November, a troublesome sign that the global economic meltdown has swiftly slowed China's manufacturing prowess.
The International Herald Tribune noted the November drop in China's exports marks the 'largest year-over-year monthly decline since April 1999.'
'Chinese producers of low-end goods such as toys and textiles have been struggling all year. But now, sales of higher-end machinery and electronics are declining as the U.S. economy has deteriorated sharply,' the Wall Street Journal reported today.
In other news on Wednesday, China's Civil Aviation Administration asked the country's state-owned airlines to cancel or delay their new aircraft orders. The agency said high fuel costs and slacking passenger and cargo revenues have resulted in the Chinese airlines suffering total losses of about 4.2 billion yuan ($615 million) in the first 10 months of 2008.
China trade sinks in gloomy economy
