Guangdong's Exports Slump 24% as Global Recession Cuts Demand

Source: Bloomberg

Guangdong province, the biggest contributor to China’s economy, said January exports fell 24 percent from a year earlier as the global recession reduced demand for Chinese shipments.

Exports fell to USD24.2 billion and imports slid 42 percent to USD12.4 billion, the provincial customs authority said in a statement yesterday. Exports to Hong Kong, the U.S. and the European Union fell 36 percent, 16 percent and 22 percent respectively, according to the statement.

Guangdong is facing the worst conditions in a decade, government officials said Jan. 8. Export growth in the province last year slowed to 5.6 percent, a quarter of the pace in 2007, Vice Governor Huang Longyun told reporters. Guangdong’s exports in 2007 accounted for 30 percent of China’s total.

(By Jiang Jianguo)

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Editor: Zhu Yanshan