InfoAnda - Global slowdown hits trade at China export fair: report

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Global slowdown hits trade at China export fair: report AFP - Friday, November 7 BEIJING (AFP) - - Export contracts sealed at a major trade fair in China declined by almost 16 percent as overseas buyers cut budgets amid the ongoing global economic downturn, state media reported Friday. The value of orders signed at the 104th China Import and Export Fair in the southern city of Guangzhou, which closed on Thursday, totalled 31.55 billion dollars, down 15.8 percent from last year, the China Daily said. The number of foreign buyers went down by eight percent from a year ago to about 175,000, even though the exhibition period was extended to 15 days from 12 days, the report said. "These are hard earned achievements in a time when... the international market shrank and the US and European buyers reduced procurement activities," said fair spokesman Mu Xinhai in a statement on the organiser's website. Evidence is mounting that the deepening global economic downturn is beginning to impact China's exports, a key growth driver for the world's fourth largest economy. The trade surplus for the first nine months of the year reached 180.9 billion dollars, down 2.6 percent year-on-year, according to customs data. The Chinese economy expanded by nine percent in the third quarter, the lowest growth figure since the second quarter of 2003. The import and export fair, which takes place twice a year, is viewed as a key indicator of Chinese trade activity. At the last fair in April, the value of export contracts reached 38.23 billion dollars, the highest in the event's history, according to figures on the organiser's website. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy SKorea cuts key interest rate, warns of slowing growthAFP - 2 hours 40 minutes ago Vanishing jobs, stressed consumers feed downturnAP - 2 hours 43 minutes ago HIGHLIGHTS-S.Korea cuts rates again to protect economyReuters - Friday, November 7 Global slowdown hits trade at China export fair: reportAFP - Friday, November 7 Related Articles: Business ADB says slowdown could turn into global recessionAP - 1 hour 43 minutes ago China defends efforts to protect intellectual property rightsAFP - 1 hour 46 minutes ago Japan Airlines' quarterly profit risesAP - 1 hour 54 minutes ago China gives Agricultural Bank $19 billion bailoutAP - 1 hour 57 minutes ago Bank of Korea cuts key interest rate to 4 percentAP - 1 hour 59 minutes ago Enlarge Photo Global slowdown hits trade at China export fair: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Among Obama's next challenges: his own security IMF sees recession in advanced economies in 2009 ECB, Bank of England slash interest rates Obama's grandmother, family 'rock', dies on election eve World stocks plunge on rising recession fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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